The Real Deal New York

Fruchthandler family pays $31M for Flatbush building

117-unit property is transitional housing facility run by city
By E.B. Solomont | December 27, 2016 03:26PM

From left: Suneet Singal and 2520 Tilden

Brooklyn investor Abraham Fruchthandler has scooped up an 86,000-square-foot building in Flatbush for $31 million, property records show.

Tilden Hall — a nine-story building located at 2520 Tilden Avenue, a block from the Kings Theatre — has 117 units and houses a homeless shelter operated by the city. The seller was Suneet Singal’s First Capital Real Estate Trust.

 

CBRE’s Elli Klapper, Charles Berger, Jay Gelbtuch, Mark Silverman, John Cohn and Mark Fisher represented First Capital in the sale. Just three months ago, the real estate investment trust landed a $22 million bridge loan from Bridge Funding for Tilden Hall, which was also arranged by CBRE.

First Capital acquired the property in 2015 as part of its $175 million purchase of United Realty Advisors, a REIT founded in 2012 by Jacob Frydman. United Realty purchased Tilden Hall for $22.9 million in 2013.

Tilden Hall is leased to and operated by the nonprofit Highland Park Community Development Corp., which is contracted by the city.

Earlier this year, the Fruchthandlers and frequent partner Rubin Schron sold a Long Island City warehouse at 24-02 49th Avenue for $195 million. The buyers were Westbrook Partners and Andrew Chung’s Innovo Property Group.

Westbrook, with RXR Realty, also bought 47 Hall Street, a 550,000-square-foot building near the Brooklyn Navy Yard, for $160 million from the Fruchthandlers, Schron and Bruce Federman.