Amid financial woes, Brookland Capital is selling another Brooklyn property

Firm is selling 554 4th Avenue to Spruce Capital Partners

Apr.April 22, 2019 03:45 PM
554 4th Avenue in Brooklyn and Brookland Capital CEO Boaz Gilad (Credit: Google Maps)

554 4th Avenue in Brooklyn and Brookland Capital CEO Boaz Gilad (Credit: Google Maps)

UPDATED, 4:49 p.m., April 23: Another Brookland Capital property is changing hands as the prolific Brooklyn real estate company grapples with a host of financial troubles.

Spruce Capital has acquired all the condo units at 554 4th Avenue in Park Slope from Brookland for $29.6 million, according to property records. The building includes 40 residential units and three commercial units.

Representatives for Spruce and Brookland did not immediately respond to requests for comment.

Brookland has been dealing with several financial issues in Israel, where bondholders forced founder Boaz Gilad to step down from Brookland Upreal Ltd. earlier this year. The company is incorporated in the British Virgin Islands and issues bonds in Israel.

The development firm also stalled trading on its bonds in Tel Aviv following an announcement in November that liquidity issues would keep it from meeting its debt obligations.

Gilad told The Real Deal in January that the firm was considering selling some of its properties to get through the rough patch but stressed that he would prefer to hold onto them. SME Capital Ventures was closing in on Brookland’s rental property at 691 Marcy Avenue for $22 million this winter, but the sale has not closed yet, according to property records.

Correction: An earlier version of this article misidentified the property as 544 4th Avenue.

Related Articles

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