Related Goes to Deep Brooklyn In Latest Buy
Related’s latest acquisition is well outside the neighborhoods that have become the usual suspects for big investments. The company’s latest purchase is a $32.2M, three-building, 144-unit multifamily complex in Marine Park, near the southeastern edge of the borough. The distressed debt firm Torchlight Loan Services was the seller, The Real Deal reports. A related spokesperson tells Bisnow the acquisitions are part of a JV with NYC Pension Funds with Seth Blau heading up Related’s role in the venture, and that the units will be preserved as workforce housing. Torchlight picked up the properties at 3001 Ave R, 3004 Ave R and 1865 Burnett St last year from Hoti Realty Management, which borrowed $31M against them in 2007, and later defaulted on that loan. The deal closed on July 1. [TRD]
