search

The Real Deal Logo

Trending

City Council approves zoning change to greenlight casinosCity Council approves zoning change to greenlight casinosLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudMayor Bass wants wealthy Angelenos to pay for homeless housingMayor Bass wants wealthy Angelenos to pay for homeless housing
New York

Hirsch family buys mixed-use DoBro building for $47M

Property at 72 Willoughby holds 30 rental apartments and three stores

David Schechtman and 72 Willoughby Street in Downtown Brooklyn
David Schechtman and 72 Willoughby Street in Downtown Brooklyn

The Hirsch family picked up a Downtown Brooklyn residential-and-retail building near the MetroTech Center for $46.7 million or roughly $1,300 per square foot.

The four-story, 36,000-square-foot building at 72 Willoughby Street contains 30 market-rate rental units and three retail stores.

A group of several investors, including an LLC with links to investor Sam Krugman, had owned the property since 2013, when they paid just $12 million, property records show.

Sign Up for the undefined Newsletter

The Hirsch family, which could not be reached for comment, has roots in the Meatpacking District and also owns a 15-story building at 450 West 14th Street. Sources said the purchase is part of a 1031 exchange.

David Schechtman, Mark Steinmetz and Lipa Lieberman of Meridian Capital Group represented both parties in the deal. When contacted by TRD, Schechtman confirmed his involvement in the transaction but declined to comment further.

The expiration of 421a and an unusually large volume of new multifamily supply have contributed to a slump in Brooklyn investment sales in 2016, according to TerraCRG, whose CEO Ofer Cohen said earlier this month that sales were down 65 percent this year.