GO Residential REIT has agreed to acquire two New York City mixed-use properties for a combined US$439.6 million.

Toronto-based GO Residential said it will purchase a 100% interest in the residential and retail components of 7 Dey Street in Lower Manhattan and an approximate 81% managing interest in 409 Eastern Parkway in Brooklyn from separate third-party vendors, subject to customary closing conditions including Toronto Stock Exchange approval.

The acquisitions are expected to strengthen the REIT’s position in the New York market by increasing scale, enhancing portfolio quality and supporting long-term growth. The trust said the transactions, alongside previously announced acquisitions, are anticipated to be mid-single-digit accretive to annualized adjusted funds from operations per unit.

The total consideration will be funded through a mix of cash, assumed and new debt, and equity. This includes approximately US$66.6 million in assumed-mortgage financing tied to 409 Eastern Parkway, about US$150 million in new fixed-rate debt on 7 Dey Street, and US$222.6 million in equity through the issuance of REIT units priced at US$23.70 per unit. The REIT ultimately elected to fund the equity component using proceeds from a public offering, a concurrent private placement and its credit facility.

“These acquisitions are expected to enhance our scale, asset quality and long-term growth profile, in addition to generating diversity within our portfolio,” said Joshua Gotlib, CEO of GO Residential. “Importantly, they have been structured in a manner that reflects our disciplined approach to the balance sheet.”

Meyer Orbach, chairman of GO Residential, said the acquisitions, coupled with the recently announced acquisitions of Ivy Tower and the Hudson Yards portfolio, should demonstrate that that the REIT is well-positioned to execute on accretive acquisition opportunities.

“In just two weeks, we have entered into approximately US$820.1 million in acquisitions, doubling our building count and adding over 1,000 suites to our existing portfolio of 2,015 suites,” he said. “These deals are a true testament to the strength of our platform.”

The 33-storey 7 Dey Street tower, completed in 2019 in Tribeca, includes 209 residential suites and four ground-floor commercial units leased to tenants including T-Mobile and Wells Fargo. The property was approximately 99% occupied as of February 2026, with average monthly rents of about US$7.45 per square foot.

SL Green Realty agreed to sell the apartment and retail components to GO Residential while retaining the 26,000-square-foot office portion of the building. The multi-residential and retail components comprise 217,000 sf and 17,000 sf, respectively.

Designed by FX Collaborative, the rental residences include studio through three-bedroom units. SL Green said the suites are currently 99% leased.

“This transaction continues the execution of a deliberate strategy to illuminate the value of selected assets and unlock embedded value,” said Harrison Sitomer, president and chief investment officer of SL Green. “We are pleased to partner with GO Residential in a transaction that allows us to prove the value of best-in-class, new construction residential and retail properties, while retaining ownership of three office floors to realize future incremental value.”

Drew Isaacson and Rob Hinckley of JLL Capital Markets represented SL Green in the transaction, and David Ash of Prince Realty Advisors represented GO Residential.

The 409 Eastern Parkway property, located in Brooklyn’s Prospect Heights neighbourhood, comprises 185 rental suites and three fully leased retail units. Built in 2018, it was approximately 95% occupied as of February 2026, with average monthly rents of about US$4.90 per square foot.

Separately, GO Residential announced a bought-deal treasury offering of approximately 3.77 million units at US$9.95 per unit for gross proceeds of about US$37.5 million, alongside a concurrent private placement expected to generate roughly US$37.6 million. Combined proceeds of about US$75.1 million, plus a US$19-million credit-facility draw, will fund the equity portion of the acquisitions.

Both the acquisitions and financing transactions are expected to close in the second quarter of 2026, with the offering and private placement expected to close around March 23.

Pictured: 7 Dey in New York City.

Image: 7 Dey