United Realty Trust pays $22.9M for Brooklyn homeless shelter

TRD New York /
Apr.April 05, 2013 02:45 PM

United Realty Trust Incorporated, a real estate investment trust, today announced its acquisition of Tilden House, a 117-unit homeless shelter in Brooklyn, for $22.9 million in a joint venture with the property’s seller, an entity called Tilden LLC.

The nine-story building, located at 2520 Tilden Avenue in East Flatbush, has 86,360 rentable square feet, according to the New York City-based United.

The space is leased to an unnamed community development corporation, which has an agreement with the city to provide transitional housing to families in need.

Jacob Frydman, United’s CEO and chairman, described the building in a statement as “a stabilized income-producing property with an inflation-protected underlying lease.”

“We believe that with this acquisition, United Realty Trust has shown itself able to identify and acquire off-market transactions in its primary market area, and to structure these transactions is a way that we believe will benefit our investors,” said Eli Verschleiser, President of United Realty Trust.

The property includes 74 studios and 43 one-bedroom units. It was constructed in 2007. Tilden House also comes with indoor and outdoor parking, and a community facility space. —Zachary Kussin

Related Articles


Fruchthandler family pays $31M for Flatbush building

Placeholder image

First Capital acquires United Realty Advisors for $175M

United Realty exec recants fraud charges against CEO Frydman

United Realty exec claims he was fired for discovering illegal deals

Placeholder image

United Realty suit over botched UN Plaza buy dismissed

Ex-United exec sues firm after botched 866 UN Plaza buy

Meadow, United in $200M contract for 866 UN Plaza