Abraham Fructhandler’s FBE buys South Brooklyn sites for $58M

Firm received $33M in financing from Signature Bank for the deal

TRD NEW YORK /
Jan.January 17, 2020 01:28 PM
The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

Abraham Fructhandler’s FBE Limited has purchased five properties along the South Brooklyn waterfront in Gravesend for $57.5 million.

The sites are addressed at 1900 Shore Parkway, 1894 Shore Parkway and along Bay 41st Street and Hunter Avenue in Gravesend, according to property records. The seller was an entity linked to Thomas Gagliano, whose family appears to have owned the land since the 1960s.

FBE declined to comment on the purchase. The Gagliano family could not be reached.

Signature Bank provided FBE Limited with about $32.8 million in financing for the deal.

FBE previously landed a $63 million Signature Bank loan for a pair of multifamily buildings in the Bronx at 2001-2045 Story Avenue that it bought last year for $88 million. The company also purchased 4650 Broadway in Inwood for $26 million in April 2018 before flipping it that November for $55 million, more than double the price.


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