Cleveland company acquires Flatbush Ave. ground lease for $92M

Angelo Gordon's building at 30 Flatbush Avenue is first NYC purchase for Stark Enterprises

New York /
Nov.November 15, 2017 03:56 PM

30 Flatbush Avenue (Credit: Google Maps)

Cleveland-based real estate company Stark Enterprises has moved into the New York market with its $92 million purchase of the ground lease at 30 Flatbush Avenue in Downtown Brooklyn, according to property records.

The seven-story commercial office building spans 250,000 square feet, and Stark financed the purchase with a $75 million loan from Great American Insurance Company. The site is near Fort Greene Park on a triangular-shaped lot bound by Flatbush Avenue, Livingston Street and Nevins Street.

Angelo, Gordon & Co. had been looking to sell the ground lease at the building for $100 million and hired JLL brokers to market the space. The city owns the land under the building and can take control of the property in 54 years, once the lease expires.

The building is net leased to Con Edison, which has been a tenant there since the early 1970s. The rent is scheduled to reset in about 10 years.

Ezra Stark, chief operating officer of Stark Enterprises, said the deal was a joint venture with Sun Equity Partners and that they would look into using the space for affordable housing.

“We see a lack of affordable housing, especially in Brooklyn, and we think we can provide some affordable housing component potentially there so as to maintain diversity in the neighborhood,” he said.

The company bought a car wash site earlier this year in Los Angeles for $21 million, where it plans to build a 96-unit apartment complex.

Angelo, Gordon & Co., based in Midtown, is one of the owners of Industry City, which has been courting tech giant Amazon for its second North American headquarters.


Related Articles

arrow_forward_ios
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Anita Durst and images of Chashama (Photos via Getty, Chashama)
Durst-backed nonprofit puts startups into empty storefronts
Durst-backed nonprofit puts startups into empty storefronts
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Nationally, just under one-third of office workers have returned to the office spaces they occupied before the pandemic. (iStock)
Employers face uphill battle luring staff back to the office
Employers face uphill battle luring staff back to the office
arrow_forward_ios

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

Loading...