The Real Deal New York

Benchmark close to $40M buy of Brooklyn Heights rental

DLJ flipping 12-story Monroe Place building

July 27, 2015 03:05PM
By Mark Maurer Twitter_logo_blue copy

25 Monroe Place Brooklyn

From left: 23-25 Monroe Place in Brooklyn Heights, Benchmark’s Jordan Vogel and Aaron Feldman, and DLJ’s Chip Andrews

In a departure from its recent selling spree, Benchmark Real Estate Group is close to buying a 12-story Brooklyn Heights rental building for north of $40 million, a property that changed hands little more than a year ago.

DLJ Real Estate Capital Partners paid $38.5 million for the 60,700-square-foot building at 23-25 Monroe Place, between Pierrepont and Clark streets, in Feb. 2014. Before that, Samson Management owned it for 11 years, having paid $15.6 million in 2003, records show.

The building, constructed in 1938, contains 67 apartments, which range in rent from $1,750 to $5,050 per month, according to StreetEasy.

The deal is slated to close by month’s end, sources told The Real Deal. It is unknown if brokers are involved.

Benchmark, a Soho-based firm led by Aaron Feldman and Jordan Vogel, specializes in value-add acquisitions of rentals. The firm sold a Kips Bay building for $68.3 million in February and recently unloaded a West Village rental for $30 million, TRD reported in June. Benchmark last year raised a $95 million real estate fund.

Representatives for DLJ and Benchmark declined to comment.

DLJ is an investor in Alloy Development’s 1 John Street condo project and is handling the conversion of the Jarmulowsky Bank Building on the Lower East Side into a hotel.