Deets On Bryant Street Sale
NYC's Brickman Real Estate just bought 945 Bryant for $480/SF, a credible source unattached to the deal tells us, giving the hot 40k SF SoMa property a cool $19.2M price tag. NGKF Capital Markets managing director Kyle Kovac, who repped the seller with colleagues Daniel Cressman and Mike Taquino, says the fully leased property benefits from stable existing cash flow from a strong tenant base and virtually all of the rents in the building are now below market rates. The seller executed three new leases, while also renovating the asset to meet creative standards, during its ownership period. This is Brickman's first SoMa purchase and second in S.F.; the company bought 550 Kearny last year. The NGKF trio is now marketing an opportunity to build 103 residential luxury units on 12 levels with subterranean parking. The fully entitled development site, being branded as The Tower @ Nob Hill, sits at 1545 Pine.