Bronstein Properties makes $43M play in Williamsburg

456 Grand Street in Williamsburg contains 52 residential units

New York /
Oct.October 16, 2017 12:17 PM

Bronstein Properties is adding to its large New York rental portfolio with its pending purchase of 456 Grand Street in Williamsburg for $43.3 million.

The site is currently owned jointly by AB Capstone and RJ Capital Holdings, and the sale to Bronstein is expected to close early in 2018, according to sources familiar with the deal. It is under contract for slightly less than its asking price of $45.5 million.

The six-story building at 456 Grand Street spans 57,500 square feet and contains 52 rent stabilized units and two retail tenants.

The building also contains a 17,500-square-foot parking garage, a roof deck and a fitness center. The site was previously a vacant lot that was part of the city’s PlaNYC Brownfield Cleanup Program. Prior to the cleanup, it was considered unusable for development due to environmental contamination.

The deal was brokered by Josh Lipton, David Chase and Andrew Levine of ONE Commercial Realty Services and by Michelle Abramov of Asset Commercial Realty Group. Abramov said it “speaks to the ongoing optimism investors have with regards to key sub-markets in Brooklyn.”

The units will remain rent-stabilized under Bronstein, according to Lipton.

Bronstein Properties, which did not respond to a request for comment about the sale, owns more than 100 properties throughout Manhattan, Brooklyn and Queens, and The Real Deal‘s analysis of property records in 2016 found that they were the 14th largest for-profit rental landlord in the city.  The company is facing a lawsuit from more than 60 tenants in their buildings who claim they are being overcharged for rent.

Madison Marquette’s Edge retail condo in Williamsburg recently hit the market for $50 million, and NYCHA is planning a market-rate housing project near Cooper Park Houses in East Williamsburg as well.


Related Articles

arrow_forward_ios
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
Napa Valley hot-air-balloon business lists for $12M
A photo illustration of the proposed Lower Platte River Corridor (Getty, Plan Preserve Play NE)
Nebraska lawmakers mull digging $1B recreation lake
Nebraska lawmakers mull digging $1B recreation lake
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Urban Commons' Salvatore G. Takoushian with Wagner at the Battery
Urban Commons puts FiDi hotel into bankruptcy
Urban Commons puts FiDi hotel into bankruptcy
(Illustration by The Real Deal; Getty)
Multifamily faces stricter emission caps
Multifamily faces stricter emission caps
arrow_forward_ios

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

Loading...