Midtown Equities buys Treeline’s Montague Street building for $33M


From left, Joseph Cayre, Robert Knakal, Michael Schor and 205 Montague Street

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Treeline
has sold the former Brooklyn Savings Bank building at 205 Montague
Street Known As The Place where Jackie Robinson signed with the
Brooklyn Dodgers — for $33 million,
Crain’s reported. According to Treeline, which owned the five-story
building for 15 years, the sale price was double their original
investment in the property. The buyer was Midtown Equities, a real
estate investment and development firm run by World Trade Center
investor Joseph Cayre. Treeline sold the 77,000-square-foot building
because the firm felt that it “was being paid a strong market price for
the asset,” Michael Schor, executive vice president of Treeline, told
Crain’s. He also said that 205 Montague is 100 percent occupied with
long-term leases in place. Current tenants include brokerage Massey
Knakal Realty Services, which had reportedly been looking to sublet its space there. Midtown Equities also owns 200 Montague Street, a neighboring building to its newest acquisition. [Crain’s]