Greenroad Capital buys pair of
Prospect Park South buildings for $27M

New owner plans to upgrade buildings’ vacant units and lease them at market rates

Nov.November 21, 2018 02:30 PM

From left: 11 Crooke Avenue and 111 Woodruff Avenue (Credit: Google Maps and Apartments)

David Natanov’s Greenroad Capital is purchasing a pair of Prospect Park South properties for $26.7 million, according to sources familiar with the deal.

Natanov bought the buildings from owner Nessim Tamman, who has held them both for decades, according to property records. They are located just a few blocks apart at 111 Woodruff Avenue and 11 Crooke Avenue.

The Woodruff Avenue property stands seven stories tall with 45 residential units, while the Crooke Avenue property stands six stories tall with 43 residential units, according to the city. The back of the Woodruff lot offers space for Greenroad to build a 20,000-square-foot building.

The properties have a roughly 20 percent vacancy rate, and Natanov plans to make significant upgrades to the empty units and lease them at market rates, sources said.

Erik Yankelovich

A GFI Realty team led by Erik Yankelovich brokered the deal. Yankelovich had been working on selling the properties for about 13 years.

Greenroad Capital and its partners FBE Limited and Zev Marmurstein sold their building at 1030 Carroll Street in Crown Heights earlier this year for $18.4 million. The company also bought 27 Cliff Street in Lower Manhattan last summer for $12.5 million.

Joel Kohn’s Jay Group is planning a 49-unit mixed-use building nearby at 1694 Church Avenue.

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