The Real Deal New York

Chetrit, Zilberman’s estate sell Bed-Stuy rental for $52M

107K sf property on Myrtle Avenue was built in 2007 as condos

September 26, 2016 03:02PM
By Mark Maurer Twitter_logo_blue copy

756 Myrtle Avenue (inset from top: Henry Zilberman and Joseph Chetrit)

756 Myrtle Avenue in Bedford-Stuyvesant (inset from top: Henry Zilberman and Joseph Chetrit)

The Chetrit Group and the estate of late developer Henry Zilberman sold a 72-unit Bedford-Stuyvesant rental building to Brooklyn investors Mordechai Spira and David Katz for $52.4 million, or about $490 per square foot, according to property records filed with the city Monday.

Chetrit and Zilberman had developed the six-story, 107,000-square-foot property at 756 Myrtle Avenue in 2007 as a condominium. But, amid the market downturn, the building’s apartments were ultimately leased as rentals.

The building, known as the MYNT, also has a 17,000-square-foot commercial component, which houses Duane Reade and a 48-space parking garage.

Spira and Katz also secured a five-year, $34 million acquisition loan from Investors Bank with a fixed rate of 3.25 percent, according to records and Meridian Capital Group TRData LogoTINY, which brokered the financing.

In 2004, Chetrit and Zilberman paid $2.4 million for the parcels, records show. Zilberman, a developer behind the Z Hotel in Long Island City, died in 2014.

Neither the buyers nor sellers could be immediately reached for comment.

Although StreetEasy shows Larry Gluck’s Stellar Management as one of the building’s developers, a spokesperson said Stellar owned no stake in the property at the time of the sale.

Rents at the building range from $1,700 to $4,199 per month, according to StreetEasy data.

Spira frequently serves as a lender on single- or multifamily Brooklyn residential properties, including 111 Rutledge Street in Williamsburg, records show.