The Real Deal New York

Brunner buys Nolita rental buildings from Marolda for $31M

Spring Street properties hold 33 apartments, three commercial spaces

July 06, 2015 03:30PM
By Rey Mashayekhi

55 and 57 Spring Street in Nolita (credit: Google Maps)

55 and 57 Spring Street in Nolita (credit: Google Maps)

Brooklyn developer Joseph Brunner’s most recent deal took him to Manhattan, where he purchased two Nolita rental buildings for $31 million, according to property records filed with the city Monday.

Brunner closed on 55 Spring Street and 57 Spring Street last month, acquiring the buildings from Marolda Properties for $15.5 million each. The five-story buildings, located between Lafayette and Mulberry streets, house a combined 33 residential units.

The properties also include three commercial units across a combined 18,552 square feet, and feature a total of 32,754 buildable square feet.

Neither Brunner nor Marolda could be reached for comment. Brunner and partner Abe Mandel recently went into contract on a Williamsburg development site for nearly $700 per buildable square foot, as The Real Deal reported, while the city’s Department of Buildings denied Brunner’s permit application last week for an eight-story rental project at 1134 Fulton Street in Bedford-Stuyvesant.

Marolda, meanwhile, recently sold a three-building Lower East Side rental complex to Akelius Real Estate Management for $24 million. Marolda faced an investigation by the state’s Division of Housing and Community Renewal last year for allegedly throwing tenants out of rent-controlled apartments.