Wildenstein & Co. buys Bushwick resi conversion

Art dealers purchased property at 618 Bushwick Avenue from Cayuga Capital

New York /
Oct.October 05, 2017 05:45 PM

UPDATED, 10:15 a.m. October 6: Famed art dealer Wildenstein & Co. has purchased a recently converted Bushwick rental for $51 million.

The company bought the site from Cayuga Capital, property records show. It includes a seven-story building and a preserved church from the 1890s that has been converted into residential units. Cayuga purchased the property in 2012.

Representatives from Wildenstein were unavailable for comment about their plans for the site. The company secured $90 million in April for refinancing its Upper East Side townhouse, which is leased to luxury brand Bottega Veneta.

Real estate investment firm CDP America recently reinvested proceeds that came from restructuring Wildenstein & Co.’s assets into value-added properties throughout New York, a move that included the Bushwick Avenue acquisition.

The city’s Department of Citywide Administrative Services recently inked a 20-year lease at 95 Evergreen Avenue in Bushwick for the Human Resources Administration, and Rabsky Group is currently working on a 500-unit apartment building on part of the neighborhood’s Rheingold Brewery site.

This story was updated to include CDP America’s role in the deal.


Related Articles

arrow_forward_ios
rikers island, 1422 Greene Avenue
Menachem Stark’s brother does jail time for neglecting units
Menachem Stark’s brother does jail time for neglecting units
RiseBoro Community Partnership CEO Scott Short and 75 Linden Street in Bushwick (Getty, RiseBoro Community Partnership, Google Maps)
RiseBoro’s passive house retrofits save landlord a bundle
RiseBoro’s passive house retrofits save landlord a bundle
From left: Arch Companies’ Jeff Simpson and Dan Saklakov with 1351 Dekalb Ave (Loopnet, Saklakov, Getty, Arch Companies)
Arch Companies resurrects troubled 421a projects in Bushwick
Arch Companies resurrects troubled 421a projects in Bushwick
314 Wilson Avenue in Bushwick, Pennrose Holdings' Mark Dambly (Pennrose Holdings, Hope Gardens)
Pennrose, Acacia land $117M Freddie Mac loan in Bushwick
Pennrose, Acacia land $117M Freddie Mac loan in Bushwick
Heritage Equity Partner's Toby Moskovits (Heritage Equity Partners, iStock)
Heritage suing lender over planned Bushwick Hotel
Heritage suing lender over planned Bushwick Hotel
DH Property Holdings’ Sunset Park warehouse project (Bridge Development)
Last-mile project, resi rentals nab biggest outer-borough loans
Last-mile project, resi rentals nab biggest outer-borough loans
Tucker Reed, co-founder and principal, Totem; and Broadway Junction (Wikipedia, The Totem Group)
Totem eyes rezoning to build Brooklyn towers
Totem eyes rezoning to build Brooklyn towers
Denizen Bushwick at 54 Noll Street (Photo via Google Maps, iStock)
Effort to get records from Yoel Goldman “a complete disaster”
Effort to get records from Yoel Goldman “a complete disaster”
arrow_forward_ios

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

Loading...