Financially strapped Brookland Capital sheds another Brooklyn development site

Developer Serabjit Singh is purchasing 257 Washington Avenue from troubled firm

New York /
Aug.August 05, 2019 06:18 PM
257 Washington Avenue and Boaz Gilad (Credit: Google Maps)

257 Washington Avenue and Boaz Gilad (Credit: Google Maps)

Brookland Capital, once one of the most prolific multifamily developers in Brooklyn, is selling another property as a means to remedy its financial troubles.

Local developer Serabjit Singh is buying 257 Washington Avenue in Clinton Hill from the troubled development firm for $13.5 million, according to sources familiar with the deal. A TerraCRG team led by Dan Marks brokered the transaction.

Brookland has been facing serious financial difficulties since at least last year. The firm announced in November that it would not meet its upcoming debt obligations, and bondholders appointed New Jersey landlord Ronel Ben-Dov to oversee Brookland Upreal, the firm that issues bonds in Israel, at the beginning of the year. The company, which owes bondholders about $42 million over the next three years, has been looking to sell its properties and refinance its debts.

Spruce Capital Partners picked up the developer’s remaining condos at 554 4th Avenue in Park Slope for nearly $30 million, and SME Capital Ventures purchased a Bed-Stuy rental property for 22 million.

The site Singh purchased from Brookland is home to the now-shuttered St. Luke’s Evangelical Lutheran Church of Clinton Hill, and Brookland had been planning to convert it into a residential development with 21 units. Singh will likely move forward with a residential project as well, according to Marks.

Singh declined to comment. He previously worked on a church conversion at 232 Adelphi Street in Fort Greene, which was formerly home to the Carlton Mews Church and is now a 12-unit residential building.


Related Articles

arrow_forward_ios
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Scale Lending provides $40M for Clinton Hill residential build
Scale Lending provides $40M for Clinton Hill residential build
Scale Lending provides $40M for Clinton Hill residential build
RXR Realty CEO Scott Rechler and 475 Clermont Avenue in Brooklyn (Getty, Douglas Elliman)
RXR gets $143M refi for Brooklyn apartment complex
RXR gets $143M refi for Brooklyn apartment complex
The site of 445 Grand Avenue and rendering of 445 Grand Avenue (Google Maps, Fogarty Finger)
Clinton Hill project has been stalled so long, it’s sprouting a tree
Clinton Hill project has been stalled so long, it’s sprouting a tree
Pfizer Mansion (Douglas Elliman)
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Pfizer Mansion sells for $9M, shattering Clinton Hill record
A deserted Brooklyn retail corridor along 4th Avenue in Park Slope (Credit: Google Maps)
“Overwhelming majority” of Brooklyn retailers asking for rent relief: report
“Overwhelming majority” of Brooklyn retailers asking for rent relief: report
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)
These were the top outer borough loans last month
These were the top outer borough loans last month
Rendering of 540 Waverly Avenue
SL Green lends $59M for mixed-use Brooklyn project
SL Green lends $59M for mixed-use Brooklyn project
arrow_forward_ios

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

Loading...