The Real Deal New York

Wildenstein & Co. buys Bushwick resi conversion

Art dealers purchased property at 618 Bushwick Avenue from Cayuga Capital
By Eddie Small | October 05, 2017 05:45PM

618 Bushwick Avenue (Credit: Google Maps)

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.