GO Residential Buys Brooklyn Building For $109M: The N.Y. Deal Sheet
GO Residential REIT has added a Crown Heights apartment building to its rapidly growing portfolio of New York City luxury rentals.
The Toronto-based company, which exclusively invests in NYC apartments, bought the 186-unit rental apartment building at 409 Eastern Parkway with three retail units at its base for $109M, PincusCo reported. The 197K SF building has a 421-a tax exemption that took effect in 2020 and expires in 2056.
The sellers were FBE Ltd., Adam America Real Estate and Zev Marmurstein. The deal gives the REIT an 81% stake in the property, according to a release from the landlord, although it is unclear if the sellers are retaining the remaining stake.
Including the newly acquired 186 units, GO Residential's portfolio reaches a total of 2,731 residential units. The REIT, run by Meyer Orbach and Josh Gotlib, launched last year and made a splash this spring when it announced plans to acquire 183-185 Broadway and 7 Dey St. from SL Green. The REIT paid a combined $220.5M for the properties when the transaction closed in June.
CBRE’s Doug Middleton, Ariel Aber, Daniel Kaplan and Pierre Hills represented FBE Ltd. in the deal.
TOP SALES
A shuttered Midtown hotel that was operated by LuxUrban Hotels before the chain collapsed into liquidation has sold. Richard Born’s BD Hotels sold The Blakely, a 117-room boutique Midtown hotel at 136 W. 55th St., after evicting LuxUrban from the property last year. Israel-based Fattal Hotel Group bought the building for its first U.S. property and plans a comprehensive renovation before reopening in mid-2027, according to a release. Fattal paid $38.5M, backed by a $35M loan from Mizrahi-Tefahot Bank’s American branch, UMTB USA, PincusCo reported.
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Charney Cos. sold 99 Claremont Ave., a 300-room student housing development that was its first Manhattan development, to Columbia University for $122M, The Real Deal reported. The Union Theological Seminary previously used the building as a dorm and sold it to Charney in 2024 for $38M.
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Caprice Holdings acquired 675 Hudson St. from Aurora Capital Associates for $100M, according to property records. The London-based club venue operator financed its purchase of the five-story, landmarked 19th-century property with a $165M loan from HSBC, Commercial Observer reported. Caprice plans to turn it into a private club if the Landmarks Preservation Commission approves its alterations. Aurora acquired the building for $50M in 2023.
TOP LEASES
Law firm Hodgson Russ signed a 10-year, 20K SF renewal at Fisher Brothers’ 605 Third Ave. Asking rents in the building range from $80 to $120 per SF, according to a spokesperson for the landlord. Clark Briffel represented the landlord in-house, while Newmark’s Brian Cohen and Kyle Ciminelli represented the tenant.
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The Center for Justice Innovation leased 34K SF in an extension and expansion deal at GFP Real Estate’s 520 Eighth Ave. The deal is a consolidation of the nonprofit’s space, moving from three noncontiguous floors to a portion of the 18th floor and the entire 19th floor in the 26-story, 860K SF office tower. The tenant also has the option to convert its interest into a leasehold condominium, an option available to nonprofits that allows long-term occupancy affordability via tax exemptions. Open Impact Real Estate’s Stephen Powers and Jake Cinti represented the nonprofit. Matthew Mandell represented GFP in-house.
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Instacart inked a 26K SF lease at Empire State Realty Trust’s 111 W. 33rd St., bringing the property to 100% leased. Jordan Berger, Shanae Ursini and Kerry Lavelle represented the landlord in-house, alongside Newmark’s Scott Klau, Erik Harris, Neil Rubin, Cole Gendels and Zachary Weil.
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Infinium Wall Systems expanded to 30K SF at ESRT’s 1359 Broadway. Other tenants in the 22-story building include artificial intelligence company Scaled Cognition and nonprofit Braven. Cushman & Wakefield’s Robert Lowe, Ron Lo Russo, Anthony LoPresti and Dan Organ represented ESRT, along with the landlord’s own Jordan Berger, Shanae Ursini and Kerry Lavelle. Artisan Alliance's Sarah Pontius, Jerica Lam, Carleigh Bettiol and Charlotte Reaman represented Infinium.
TOP FINANCING
A joint venture of Global Holdings, MAG Partners and Safanad refinanced Anagram Turtle Bay with a $141.4M bridge loan from M&T Realty Capital Corp. The refinancing follows the stabilization of the recently completed 194-unit luxury rental at 300 E. 50th St. The financing replaces a $95M construction loan from Bank OZK.
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A joint venture of Rialto Capital Management and Hines lent $228.9M to PGIM, Tribeca Investment Group and Meadow Partners for 295 Fifth Ave., a property known as the Textile Building, Crain’s New York Business reported. The floating-rate bridge loan refinances a $150M mortgage from Deutsche Pfandbriefbank from 2022. Tenants inside the 63% leased property include Connecticut-based hedge fund Bridgewater Associates and law firm Quinn Emanuel Urquhart & Sullivan.
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Catholic Homes scored a $146.9M construction loan from the New York State Housing Finance Agency for a 251-unit project in Tremont at 484 E. 178th St., PincusCo reported. The Roman Catholic Archdiocese of New York affiliate filed plans in 2022 for the 190K SF project, which the city has marked as “approved” but hasn’t yet issued permits for.
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Magna Hospitality refinanced the SpringHill Suites and TownePlace Suites hotels at 140 W. 28th St. with a $112.5M loan from KSL Capital Partners, PincusCo reported. The financing replaces a $112.5M loan from Apollo Global Management for the 46-story, dual-branded Marriott, which was developed by Sam Chang and opened in 2022.
