Midtown Equities buys Treeline’s Montague Street building for $33M

TRD New York /
Jul.July 30, 2010 03:15 PM
From left, Joseph Cayre, Robert Knakal, Michael Schor and 205 Montague Street

Treeline
has sold the former Brooklyn Savings Bank building at 205 Montague
Street Known As The Place where Jackie Robinson signed with the
Brooklyn Dodgers — for $33 million,
Crain’s reported. According to Treeline, which owned the five-story
building for 15 years, the sale price was double their original
investment in the property. The buyer was Midtown Equities, a real
estate investment and development firm run by World Trade Center
investor Joseph Cayre. Treeline sold the 77,000-square-foot building
because the firm felt that it “was being paid a strong market price for
the asset,” Michael Schor, executive vice president of Treeline, told
Crain’s. He also said that 205 Montague is 100 percent occupied with
long-term leases in place. Current tenants include brokerage Massey
Knakal Realty Services, which had reportedly been looking to sublet its space there. Midtown Equities also owns 200 Montague Street, a neighboring building to its newest acquisition. [Crain’s]

 

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