The Real Deal New York

Westchester firm acquires Greenpoint’s Lofts 305 for $31M

GDC Properties could convert 38-unit rental building into condos

January 29, 2016 06:50PM
By Rey Mashayekhi

Lofts 305 Greenpoint

305 McGuinness Boulevard in Greenpoint

Westchester-based real estate investment firm GDC Properties acquired a 38-unit Greenpoint rental building for $31 million, according to property records filed with the city Friday.

GDC closed on its purchase of 305 McGuinness Boulevard, known as Lofts 305, on Jan. 20. The Hawthorne, N.Y.-based firm acquired the five-story, 41,000-square-foot building from Union City, N.J.-based owner Ronel Ben-Dov and financed the deal with a $16.4 million mortgage from Wells Fargo Bank, per property records.

Ben-Dov bought the Karl Fischer-designed apartment building from developer Bronfman Fisher Real Estate Holdings for $13.4 million in 2010. The landlord listed the property last summer at an asking price of $32.5 million, as The Real Deal reported, after previously asking $25 million for the building in 2012.

Neither GDC nor Brendan Maddigan of Cushman & Wakefield, whose team marketed the property, returned requests for comment. Ben-Dov could not be reached for comment.

Cushman & Wakefield shopped the building as a possible condo conversion, which would bring the property full circle; Bronfman Fisher had previously converted the property from condos to rentals, after the condo market tanked during the last recession.

In the priciest sale of a residential building in the history of Greenpoint, World Wide Group paid $103 million for a 130-unit rental property at 110 Green Street, The Real Deal reported this week.

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