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Angelo Gordon is marketing an ownership position in 30 Flatbush Ave. in Downtown Brooklyn.
The firm net leases the 250k SF building to Con Edison, and is seeking to unload a roughly $100M stake, Crain’s New York Business reports.
The city owns the land under the building on a lease that expires in 54 years. Con Ed has been the building’s tenant since it was first built in the early ‘70s. JLL’s Glenn Tolchin, Anthony Ledesma and Yoav Oelsner are marketing the stake in the property.
The trio of investment sales brokers was promoted by the firm to head its sales efforts in NYC after Richard Baxter, Scott Latham and Ron Cohen left the firm for Colliers International in December.
In about 10 years, Con Ed’s rent will reset, and the brokers told Crain’s the deal will offer a buyer a chance to renegotiate the lease at 95% of market value, representing at least a 5% return on investment.
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