Seven Brooklyn Buildings Trade For $230.5M In 3 Deals
Brooklyn was red-hot yesterday. Three deals broke, seeing seven buildings trade hands for a total of $230.5M.
First, the Brooklyn Law School sold a 40k SF office building at One Boerum Place (left) to an investor group including Avery Hall Investments, Allegra Holdings and Aria Development Group for $76.5M. The 115-year-old institution has been selling properties to boost endowment, doubling it to $225M over the last five years, the Wall Street Journal reports. The investor group—which is also working on a 30-unit condo at 465 Pacific St and a 17-unit condo at 237 Carroll St—is considering replacing the building with a 160k SF mixed-use tower.
Second, A&E Real Estate Holdings acquired a five-building, 243k SF, 265-unit multifamily portfolio from an affiliate of John Streicker’s Sentinel Real Estate Corp for $89M ($366/SF, $350k/unit). Most of the units are rent-stabilized, The Real Deal reports.
The affiliate had acquired the properties between 2006 and 2008 for $37M. Rosewood Realty Group’s Aaron Jungreis brokered the deal. The Douglas Eisenberg and John Arrillaga Jr.-led A&E has acquired more than 100 buildings/8,800 units since forming in 2011.
Third, Simon Dushinsky’s Rabsky Group acquired the 41k SF 69 Adams St, a Jehovah’s Witness property near Dumbo Heights, for $65M. The group landed a $47.4M acquisition loan from San Diego-based Bofl Federal Bank. The building has 157k buildable SF and has zoning for a residential tower with commercial space, retail and a community facility, The Real Deal reports.