Brodsky Org buys rental building from church for $57M

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

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 Articles

arrow_forward_ios
Daniel Brodsky and One Columbus Place (Getty/Patrick McMullan, Brodsky)
Tenant skipped rent for a year amid “parade” of illegal Airbnb guests: lawsuit
Tenant skipped rent for a year amid “parade” of illegal Airbnb guests: lawsuit
The site of the attack at 360 West 43rd Street (Google Maps)
Brodsky Org fires two who waited to aid Asian victim
Brodsky Org fires two who waited to aid Asian victim
75 West End Avenue (Photos via Brodsky, Wikipedia Commons)
Brooklyn Fare inks 25-year Upper West Side lease
Brooklyn Fare inks 25-year Upper West Side lease
WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest
WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest
WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest
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 lands $144M BNY construction loan for Pacific Park building
Brodsky Org picks up a second Pacific Park development site
Brodsky Org picks up a second Pacific Park development site
Brodsky Org picks up a second Pacific Park development site
Here’s what the $10M-$20M NYC investment sales market looked like last week
Here’s what the $10M-$20M NYC investment sales market looked like last week
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
Grammy-winning songwriter says his Manhattan landlord stole $265K from
his oven
Grammy-winning songwriter says his Manhattan landlord stole $265K from
his oven
arrow_forward_ios

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

Loading...