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

TRD New York /
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.


Related Articles

arrow_forward_ios
From left: City Council members Carlos Menchaca, Ritchie Torres and Donovan Richards with Industry City (Getty, iStock)

Council members call for override on Industry City rejection

Council members call for override on Industry City rejection
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
One Clinton Street and 179 Bergen Street (Google Maps, One Clinton BK)

Biggest week of pandemic for Brooklyn’s luxury market

Biggest week of pandemic for Brooklyn’s luxury market
arrow_forward_ios

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

Loading...