The Real Deal New York

Spruce Capital asking $82M for Bushwick rental Colony 1209

Read Property Group sold five-story building for $58M in April
November 20, 2014 05:47PM

Spruce Capital Partners is asking $81.5 million for a newly opened, five-story Bushwick rental building known as Colony 1209.

Just seven months ago, the Flatiron District-based Spruce bought the building at 1209 Dekalb Avenue, between Evergreen and Bushwick avenues, from Read Property Group for $58 million. Leasing launched that same month, in April.

Massey Knakal Realty Services’ Stephen Palmese and Michael Amirkhanian are marketing the nearly 120,000-square-foot building, which features 127 apartments and 41 parking spaces.

Read purchased the site in 2012 in a foreclosure auction, then diverted from the previous owner’s plan to build condominiums at the site, as previously reported. [NYO]Mark Maurer