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Bushwick office building trades for $44M, sign of life for i-sales market
Owner sold property at slight loss, having bought it in 2015 for $46M
Transition Acquisitions has purchased a six-story office building on Flushing Avenue in Bushwick for $44 million.
The property at 1300 Flushing Avenue spans about 105,000 square feet, according to the city. Transition bought it from Alcion Ventures, a real estate private equity firm based in Boston. Alcion is selling the property at a slight loss, having purchased it in 2015 for about $46 million.
Representatives for Alcion and Transition did not respond to requests for comment.
Transition, a property manager and owner, previously bought 815 Broadway in Bushwick for $15.1 million from Steiner NYC.
A Cushman & Wakefield team of Adam Spies, Dan O’Brien, Kevin Donner, Adam Doneger and Avery Silverstein brokered the deal.
Though deals of this size have been few and far between since the pandemic ground most real estate activity in New York City to a halt, a handful of others have closed as well. They include UBS Realty Investors’ roughly $35 million purchase of 19-23 St. Mark’s Place in the East Village, HUBBNYC’s roughly $84 million purchase of 123 Hope Street in Williamsburg and Gemini Rosemont’s $40 million purchase of 42-46 Second Avenue, also in the East Village.