The Real Deal New York

DLJ picks up Brooklyn Heights rentals for $39M

Seller Samson Management purchased the property in 2002 for $15.6M

February 27, 2014 04:57PM
By Mark Maurer

  • Print
dlj-brooklyn-heights

25 Monroe Place and Richard Baxter

Investment firm DLJ Real Estate Capital Partners acquired a 12-story apartment complex in Brooklyn Heights from Queens-based Samson Management for $38.5 million, according to property records filed with the city yesterday.

Samson, a real estate holdings company, has owned the 60,700-square-foot property at 25 Monroe Place since paying $15.6 million for it 11 years ago, property records show. The A. Rollin Caughey-designed building between Clark and Pierrepont streets was constructed in 1938. It holds 67 rental units, mostly studios and one-bedrooms.

The investment marks DLJ’s first foray in Brooklyn Heights. DLJ has no plans to renovate the building. The firm also recently partnered with Alloy Development on the 1 John Street condo project in Dumbo.

“We thought this was a chance to establish ourselves in a very strong market,” a DLJ spokesperson told The Real Deal.

Jones Lang LaSalle brokers Richard Baxter, Glenn Tolchin and Jason Gold represented Samson, which declined to comment. DLJ had no representation.

Samson never upgraded the property despite the high level of appreciation, Tolchin said. The sales price was “all market-driven,” Tolchin said.

The nearby multi-family buildings at 27 Monroe Place and 38 Monroe Place were among the six-building portfolio that Jared Kushner’s Kushner Companies bought from the Brooklyn Law School for $36.5 million, as The Real Deal reported.

DLJ is also behind the conversion of the 12-story Jarmulowsky Bank Building in the Lower East Side into a 105-room hotel.

Samson also owns an 11-story property at 110 Fifth Avenue and a 12-story property at 129 West 29th Street. Arnold Goldstein, one of Samson’s co-founders, died last month.

MENU