Steiner Studios closes on Brooklyn office building with contract price of $30M

$900K commission suit brought by Massey Knakal is ongoing

Brooklyn-based Steiner Studios closed last week on the acquisition of a four-property package with a contract price of $30 million, including 350 Livingston Street in Downtown Brooklyn.

Steiner Studios bought the four properties: a 120,000-square-foot office building at 350 Livingston Street; a vacant lot at 325 Schermerhorn Street; a medical building at 345 Schermerhorn Street and a 20,000-square-foot parking lot at 62-64 Flatbush Avenue, last Wednesday, Ray McKaba, president of the Brooklyn-based seller Nevins Realty, said. He would not comment on the sale price.

One source said the sale closed at the $30 million contract price, but another person close to the deal said the price had changed, but did not elaborate.

The deal was apparently tied up because of a lawsuit brought in New York State Supreme Court June 22 by commercial brokerage Massey Knakal Realty Services seeking a $900,000 commission and which made claims against Nevins Realty including fraud and breach of contract in connection with the transaction.

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The deal was expected to close June 30, the suit says.

Massey Knakal claimed in the court papers that McKaba and Steiner arranged a direct deal, and thereby cut Massey Knakal out without cause. The litigation remains ongoing.

A spokesperson for Steiner Studios said the company declined to comment. Paul Massey, CEO of Massey Knakal, declined to comment. Adam Leitman Bailey, a partner with his eponymously named law firm, who represented Nevins, declined to comment.