Bronstein Properties makes $43M play in Williamsburg

456 Grand Street in Williamsburg contains 52 residential units

TRD NEW YORK /
Oct.October 16, 2017 12:17 PM

456 Grand Street and Barry Rudofsky

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
Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

arrow_forward_ios
Loading...