Amid financial woes, Brookland Capital is selling another Brooklyn property

Firm is selling 554 4th Avenue to Spruce Capital Partners

New York /
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

arrow_forward_ios
Extell Development's Gary Barnett and 32 West 48th Street (Google Maps)

Extell makes its Diamond District hotel official

Extell makes its Diamond District hotel official
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar to acquire Homesnap for $250M

CoStar to acquire Homesnap for $250M
From top: Park Place Mall in Tucson, AZ with Brookfield Property Partners CEO Brian Kingston; Westfield Countryside in Clearwater, FL with Unibail-Rodamco-Westfield CEO Christophe Cuvillier; and The Mall at Tuttle Crossing in Dublin, OH with Simon Property Group CEO David Simon (Google Maps, Westfield, Simon, Getty)

These are the biggest malls landlords ready to hand over to CMBS lenders

These are the biggest malls landlords ready to hand over to CMBS lenders
(iStock)

Ski resorts gear up for tough season in the shadow of pandemic

Ski resorts gear up for tough season in the shadow of pandemic
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
The Grace Building at 1114 Sixth Avenue (Photo via Wikipedia Commons)

Here’s what tenants are paying at Brookfield & Swig’s Grace Building

Here’s what tenants are paying at Brookfield & Swig’s Grace Building
Union Square and Mayor Bill de Blasio (Getty)

City drops bid to require special permits for Union Square hotels

City drops bid to require special permits for Union Square hotels
arrow_forward_ios

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

Loading...