United Realty Trust pays $22.9M for Brooklyn homeless shelter

From left: United's Jacob Frydman, Eli Verschleiser and Tilden House
From left: United's Jacob Frydman, Eli Verschleiser and Tilden House

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.

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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