These were the 10 biggest Brooklyn deals during the third quarter

90 Sands Street was the largest deal of the quarter by a wide margin

New York /
Oct.October 26, 2018 08:00 AM

90 Sands Street and 25 Paidge Avenue in Brooklyn (Credit: Google Maps)

Jehovah’s Witnesses properties are the gift that keeps on giving for Brooklyn.

The largest deal by far for the borough’s third quarter was the resale of 90 Sands Street, according to data from Real Capital Analytics. RFR Realty and LIVWRK had purchased the building in September 2017 for $135 million before selling it to Breaking Ground for $170 million in August.

The properties were split between three apartment sites, three development sites, two general sites, one industrial site and one retail site.

The deals were worth slightly less than $593 million overall. This was significantly less than the prior quarter, when the deals were worth about $1.4 billion overall, largely due to the Starrett City sale. The deals were worth about $802 million during the first quarter of the year and about $831.5 million during last year’s third quarter.

The full list of Brooklyn’s top 10 deals for the third quarter is below:

1. Address: 90 Sands Street, $170 million
Buyer: Breaking Ground
Seller: LIVWRK, RFR Realty
The largest deal in Brooklyn during the third quarter was RFR and LIVWRK selling 90 Sands Street in Dumbo to the affordable housing developer Breaking Ground for $170 million. RFR and LIVWRK had just acquired the former Jehovah’s Witnesses building in September 2017 for $135 million and had planned to build a hotel with 600 rooms. The property spans about 363,100 square feet.

2. Address: 25 Paidge Avenue, approximately $62 million
Buyer: Two Trees Management
Seller: Zenith Energy Terminals
Two Trees Management purchased this petroleum facility in Greenpoint from the Texas-based company Zenith Energy for $62 million in the second largest Brooklyn deal during the third quarter. The developer has already leased back the building to Zenith on a 25-year ground lease, and it is funding its purchase with a Signature Bank loan worth $36 million. Zenith bought the site last year as part of its $406 million Arc Terminals purchase.

3. Address: 319 Bond Street, $61 million
Buyer: All Year Management
Seller: David Tinneny
Yoel Goldman’s All Year Management bought a total of eight parcels in Gowanus for the No. 3 deal. The adjacent sites are bound by Bond, Union and Carroll Streets, along with the canal, and they include buildings at 319 Bond Street, 450 Union Street, 426 President Street and 838 Carroll Street.

4. Address: 169 Tillary Street, $60 million
Buyer: Bruman Realty
Seller: Zacharias Equities
Bruman Realty went into contract for these Dumbo sites toward the end of 2017 and just closed on them this past quarter in July. The assemblage spans three parcels and includes a Budget Truck Rental at 169 Tillary Street, along with a pair of vacant parcels at 236 and 240 Gold Street. Altogether, the parcels have close to 200,000 buildable square feet.

5. Address: 2911 West 36th Street, $50 million
Buyer: Spencer Realty Management
Seller: Orbach Group

Joel Gluck’s Spencer Realty Management purchased this 259-unit Coney Island rental building for $50 million to grab the No. 5 spot. The building is 20 stories tall and spans about 230,000 square feet. Meyer Orbach’s Orbach Group bought the property in 2014 for $34 million. It is part of the federal Section 8 housing program and has a 20-year contract with the Department of Housing and Urban Development.

6. Address: 22-34 North 6th Street, $47.3 million
Buyer: Gazit Horizons
Seller: Madison Marquette, ADIA

The Israeli company Gazit purchased the retail condo at the Edge in Williamsburg from Madison Marquette in July. Marquette had purchased the space in 2014 with a silent partner for $45.5 million and put the property on the market last year for $50 million. It spans about 60,000 square feet with tenants including CVS and Brooklyn Harvest Market. The complex also has more than 1,450 residential units.

7. Address: 40 Crown Street, approximately $41 million
Buyer: Carmel Partners
Seller: Cornell Realty

Isaac Hager’s Cornell Realty Management sold this portion of its development site in Crown Heights to Carmel Partners in July for about $41 million. The vacant lot could be home to a 16-story rental building with 390 units across about 428,000 square feet provided a controversial rezoning moves forward.

8. Address: 6301 12th Avenue, $37.5 million
Buyer: Barone Management
Seller: Sisters of Mercy

Barone Management closed on its $37.5 million purchase of Dyker Heights’ former Angel Guardian home in August. The company bought the property from the Sisters of Mercy and plans to build a 300,000-square-foot mixed-use project that includes 150 market-rate condos, affordable rental units, senior housing and a school. Construction should begin in 2019, and the deed requires 15 percent of the residential units to be affordable. The school and senior housing will span 60,000 square feet. Madison Realty Capital funded the deal with a $27 million loan package.

9. Address: 124-134 North 6th Street, $32.25 million
Buyer: RedSky Capital
Seller: Jensen Equities, Thor Equities

RedSky purchased this four-parcel Williamsburg development site from Thor Equities in August. The company also received a JPMorgan Chase loan of $221.8 million at the same time to fund its purchase and pay down its debt on 12 other neighboring properties. This purchase adds to a sizable portfolio that RedSky and its partner JZ Capital Partners own in Williamsburg.

10. 2355 East 12th Street, $31.9 million
Buyer: Jonas Equities Inc.
Seller: R&C Management Co.
This Sheepshead Bay property rounded out Brooklyn’s top 10 for the third quarter. Jonas Equities bought the six-story, 121-unit apartment building for $31.9 million from R&C Management, the latest in a string of apartment building purchases for the company. It has also recently purchased properties in Kensington and Flatbush.

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