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Report on Business Brookfield in talks to buy New York property for $600-million

Brookfield Property Partners LP is in talks to buy Waterside Plaza on the East Side of Manhattan for about $600-million, according to people with knowledge of the matter.

The property, which includes apartments, stores and space rented to the British International School of New York, is owned by Richard Ravitch, a former New York lieutenant governor and one-time chairman of the Metropolitan Transportation Authority. A deal has yet to be finalized and it’s possible it could fall apart, said one of the people, who asked not to be identified because the transaction is private.

A Brookfield representative didn’t immediately return a call seeking comment. Ravitch, reached by phone, said he is in talks with numerous parties and that the property isn’t for sale.

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Brookfield has been stepping up its investments in New York commercial real estate. Last month, it agreed to acquire Vornado Realty Trust’s stake in 666 Fifth Ave. Earlier this year, it spent $165-million for a residential development project in the Bronx.

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