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HFF Closes On Brooklyn Rental Property For $154M

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HFF Closes On Brooklyn Rental Property For $154M

Bentall Kennedy has picked up a 271-unit multifamily property in downtown Brooklyn, called The Addison, for $154M.

The buyer acquired the property outright, without assuming any debt held by the seller, Waterton Associates. All told, the site is made up of four tax lots. The largest two come with a 15-year 421-a tax abatement that has about nine years to go. The smaller two have a 25-year 421-a abatement with 19 years left.

The two-tower complex opened in 2011 and has 6,610 SF of ground-floor retail, an average unit size of 715 SF and 109 spaces in an underground parking lot that’s managed by an outside firm. It’s built smack on top of the Hoyt-Schermerhorn subway station, where residents can catch the A, C or G trains.

HFF’s Andrew Scandalios, Rob Hinckley, Jeff Julien and Matthew Lawton repped the seller. 

Related Topics: multifamily, 421-a