Home News Madison Realty Nabs Brooklyn Hotel Site for $32M

Madison Realty Nabs Brooklyn Hotel Site for $32M

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Josh Zegen at 159 Broadway, Brooklyn and Madison Realty Capital (Getty, Madison Realty Capital, Stonehill & Taylor Architects)

Thanksgiving didn’t stop New York City dealmakers from completing midmarket investment sales.

Four deals involving commercial real estate between $10 million and $40 million set city records last week. All four were in the outer boroughs, three in Brooklyn and one in the Bronx. Below is detailed information about each sale, ranked by amount.

1. Madison Realty Capital Due to bankruptcy, it acquired the site of developer Isaac Hager’s Williamsburg hotel project. 159 Broadway in Williamsburg $32 million. GC Realty Advisors David Goldwasser Signed for the seller. The site’s senior lender, Madison Realty, has lent about $28 million to the project, used a loan Get an internal track when purchasing it.

Madison filed for foreclosure on the project’s senior debt in 2020, claiming Hager defaulted. The bankruptcy plan was approved this summer. Hager’s Cornell Realty submitted plans to purchase the site for $26 million in 2017 and build a 26-story, 112,000-square-foot hotel and condominium.

2. verizon It sought industrial land at 470, 480, 500 and 502 Zelega Avenues in Castle Hill and paid Del Varso Construction Company $21 million. The 3-acre site along Westchester Creek consists of approximately 5 buildings, parking lots and 24,000 square feet of vacant land. Verizon had leased one of his buildings for about 20 years, Cranes report.

It’s unclear what plans the telecommunications company has for the site, which was last sold for an undisclosed amount in 2006.

3. An entity associated with Hirschmark Capital acquired the apartment through foreclosure 927 Atlantic Avenue at Clinton Hill for $15.5 million from entities affiliated with Boaz Gilad’s Brookland Capital. Stephen Spinelli Signed as umpire of contract.

Built in 2017, the 17,200-square-foot site has 21 units spread across seven floors. Brookland Capital bought the site in 2015 for $4.8 million.

4. Mosdav Real Estate and QFF Realty to sell industrial land and non-residential vacant land 1660 When 1663 62nd Street LLC in Borough Park for $13 million. nancy sofa When Shani Segal Seller is Blimie Perlstein, buyer signed.

The 1660 4,000-square-foot parcel was last sold in 2001 for an undisclosed amount. His four warehouses spanning 24,300 square feet at 1663 62nd Street were last sold in 1979 for an undisclosed amount.

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