Foreclosed co-living site sells in Bed-Stuy, and four other deals

The Collective’s lender, Acres Capital, grabs London-based startup’s property

New York /
Mar.March 25, 2022 02:39 PM
1215 Fulton Street and 2647 Broadway (Tower Holdings Group, Google Maps)

1215 Fulton Street and 2647 Broadway (Tower Holdings Group, Google Maps)

The former site of the historic Slave Theater in Bedford-Stuyvesant sold to developer EJS Group in last week’s largest mid-market investment sale.

Records show the sale came after co-living firm The Collective couldn’t pay its mortgage and its lender, Acres Capital, foreclosed on the London-based startup’s property.

Beyond that nearly $34 million transaction, the middle of the city’s investment sales market was muted last week. Just five investment properties valued at between $10 million and $40 million were recorded as sold. Manhattan was the busiest market with four deals, but none was as large as Brooklyn’s.

In one deal, a warehouse sold in Manhattanville and for once Columbia University wasn’t the buyer. Instead, Javier Martinez’s Artifact picked up the site, joined by a Miami-based investor.

Here are more details of mid-market transactions recorded in the second week of March.

EJS Group bought a 42,700-square-foot development site at 1215 Fulton Street  in Bedford-Stuyvesant, Brooklyn, for $33.6 million. Tower Holding Group sold the property, where Brooklyn’s historic Slave Theater once stood.

Bankrupt co-living company The Collective had planned a 150-unit residential building at the site before lender Acres Capital initiated foreclosure proceedings against it last November.

Investment firm Firebird Grove bought 11 mainly residential buildings up and down Patchin Place, a gated cul-de-sac in Greenwich Village, for $32 million. Morgan Holding Capital sold the properties, which span 27,800 square feet. The acquisition appears to be part of a buying spree by Paris-born German billionaire Nicolas Berggruen.

Javier Martinez’s Artifact team and Ashok Khubani bought a 22,500-square-foot warehouse at 2337 Joe DiMaggio Highway in Manhattanville for $18 million. Angie Cayer sold the property, also known as 2335 12th Avenue. Artifact plans to develop a mixed-use building with affordable housing at the site.

Aulder Capital bought a 32,900-square-foot, mixed-use building with 26 units at 2647 Broadway on the Upper West Side for $15.5 million. Stuart Eisenberg was the seller.

Ali Butt bought a 7,725-square-foot retail building at 34 East 14th Street in Greenwich Village for $10.5 million. Jane Studley was the seller.





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