Brodsky Org buys rental building from church for $57M

Developer has purchased 400 West 113th Street, site of its Enclave project

TRD New York /
Sep.September 03, 2019 04:30 PM
The Brodsky Organization's Daniel Brodsky and 400 West 113th Street (Credit: Getty Images and Google Maps)

The Brodsky Organization’s Daniel Brodsky and 400 West 113th Street (Credit: Getty Images and Google Maps)

The Brodsky Organization just bought the Morningside Heights property it developed a massive rental building on four years ago.

The Cathedral of St. John the Divine has sold 400 West 113th Street to the developer for $57 million, according to property records. Brodsky in 2015 constructed the 15-story, 428-unit rental, Enclave at the Cathedral, that sits on the site. It currently has just two active listings on StreetEasy: a one-bedroom unit for $4,340 per month and a two-bedroom unit for $6,820 per month.

Brodsky had entered into a ground lease on the property about five years ago, and the firm felt that the opportunity to purchase the land outright would be a good long-term investment, according to Brodsky Organization principal Dean Amro.

“We’ll continue to just own and operate the building,” he said, “and now we will own the land long term and won’t have to worry about ground rent resets in the future.”

Representatives for the church did not immediately respond to requests for comment.

Brodsky recently sold a quartet of four-story buildings at 592-598 Ninth Avenue in Hell’s Kitchen to HUBB NYC for $17 million, and the firm entered into a joint venture with Greenland Forest City Partners earlier this year to develop 18 Sixth Avenue at Brooklyn’s massive Pacific Park project.


Related Article

arrow_forward_ios
The Brodsky Organization’s Daniel Brodsky and a rendering of 664 Pacific Street in Brooklyn (Credit: Getty Images and Pacific Park Brooklyn)

Brodsky lands $144M BNY construction loan for Pacific Park building

Brodsky Org picks up a second Pacific Park development site

Here’s what the $10M-$20M NYC investment sales market looked like last week

Grammy-winning songwriter says his Manhattan landlord stole $265K from
his oven

Lendlease, L+M bringing 175-unit mixed-use project to seminary site

Riverside Church buys Union Theological Seminary dorm for $47M

Dalan Management, Elion Partners buy apartments across from Google HQ for $83M

Gaia Real Estate acquires 90 Upper East Side condo units for $53M

arrow_forward_ios