Bruce Ratner makes multifamily bet with $24M BK rental

Forest City CEO adds new Clinton Hill building to personal holdings

New York /
Sep.September 30, 2016 05:25 PM

Bruce Ratner, CEO of Forest City Ratner Companies, picked up a six-story Clinton Hill rental building for $24 million as a personal investment, sources told The Real Deal.

The 38,000-square-foot elevator building at 105 Grand Avenue opened in 2012. Brooklyn investor Yoel Gruber and partners developed it, but Adam Verner’s Springhouse Partners bought it for $16 million that year and ultimately leased it up. Four years later, Springhouse sold it.

Springhouse received a 421a tax abatement for the building, though the rents are closer to market-rate than rent-stabilized levels. Rent averages $3,228 per month at the building, according to market materials. Rents are as high as $5,804 for a three-bedroom.

A source said the 421a tax abatement expires in about eight years.

Apart from Forest City Ratner, Ratner has been buying Brooklyn rental buildings, largely in Williamsburg and Prospect Heights. In March, an affiliate of Forest City Ratner TRData LogoTINY bought the 72-unit Williamsburg Social building at 250 Bedford Avenue for $55 million. Sources at the time had denied that Ratner was the buyer, though the deed featured his signature.

Forest City transitioned to a real estate investment trust in January, resulting in the layoffs and exits of key executives and employees. Meanwhile, in July, Ratner’s wife Pamela Lipkin filed for divorce.

Representatives for Forest City Ratner TRData LogoTINY and Springhouse Partners declined to comment. Rosewood Realty Group’s Aaron Jungreis represented both sides.

Springhouse, which is active in both New York City and South Florida, bought a rental building at 51 Irving Plaza for $55 million in May.


Related Articles

arrow_forward_ios
RXR Realty CEO Scott Rechler and 475 Clermont Avenue in Brooklyn (Getty, Douglas Elliman)
RXR gets $143M refi for Brooklyn apartment complex
RXR gets $143M refi for Brooklyn apartment complex
The site of 445 Grand Avenue and rendering of 445 Grand Avenue (Google Maps, Fogarty Finger)
Clinton Hill project has been stalled so long, it’s sprouting a tree
Clinton Hill project has been stalled so long, it’s sprouting a tree
Pfizer Mansion (Douglas Elliman)
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Former Forest City CEO MaryAnne Gilmartin and P.C. Richard executive Thomas Pohmer with Site 5 at Flatbush and Atlantic Avenues (Credit: Getty Images, IMA Long Island, and Google Maps)
Why nothing ever gets built on this Pacific Park site
Why nothing ever gets built on this Pacific Park site
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)
These were the top outer borough loans last month
These were the top outer borough loans last month
Rendering of 540 Waverly Avenue
SL Green lends $59M for mixed-use Brooklyn project
SL Green lends $59M for mixed-use Brooklyn project
35 Sidney Place (bottom) and 22 Lefferts Place (top) in Brooklyn
Brooklyn Heights townhouse is priciest Brooklyn contract
Brooklyn Heights townhouse is priciest Brooklyn contract
22 Quincy Street in Brooklyn (Credit: Google Maps)
Salvation Army rings bell on Clinton Hill warehouse sale for $29M
Salvation Army rings bell on Clinton Hill warehouse sale for $29M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...