Quinlan, BLT buy Downtown Brooklyn property for $89M

Developers plan to convert 230K sf storage facility into an office building
March 04, 2015 10:40AM

Quinlan Development Group and Building & Land Technology jointly paid $89.4 million for a Brooklyn storage facility at 41 Flatbush Avenue in Downtown Brooklyn.

Prudential Real Estate and Extra Space Storage are the sellers of the 230,000-square-foot property, located between Lafayette Avenue and Fulton Street. And while the rest of Downtown Brooklyn is seeing an influx of residential projects rather than new office buildings, Quinlan partner Tyler Wilkins told the Wall Street Journal that the developer is choosing to create 257,000 square feet of office space at the location.

Eastern Consolidated‘s Andrew Sasson and Ben Tapper represented the buyers. Keith Kurland, an executive vice president at JLL, secured a $103.6 million loan from Annaly Capital Management on behalf of the buyers for the acquisition and the conversion of the building for office and retail use.

The 10-story building, located close to the Barclays Center, houses storage 355 units, according to Eastern Consolidated. Leases on the units range from 30 days to six months, leaving the new owners with the possibility of vacating the building within six months.

Quinlan is working on three projects in the borough, the newspaper reported. The company is developing rental buildings in Cobble Hill and Boerum Hill.

“This transaction solidifies the incredible value of properties in this area,” Sasson said in a statement. “We did this deal in a quiet, targeted, off-market manner and achieved an amazing result for all parties.” [WSJ] — Claire Moses