Trending

109 Gold Street sells to Praedium for $14.5M

The Praedium Group, a New York City-based real estate investment firm focusing on underperforming and undervalued assets, has purchased a troubled 33-unit condominium project at 109 Gold Street, the former site of St. George’s Church in Vinegar Hill, Brooklyn, in partnership with North End Equities for $14.5 million, according to public records filed with the city today, just six months after the development finally obtained its temporary certificate of occupancy.

The seller, developer the Constellation Group, which placed the building on the market four months ago with Massey Knakal Realty Services, put the building’s individual condo units in November 2010, far before construction was completed; it featured studios and one- and two-bedroom units ranging from 478 square feet to 1,269 square feet and $325,000 to $1.08 million. The building also has a private outdoor space, a fitness center and a landscaped roof deck while offering a 421-a tax abatement. The condos at the project were initially marketed by Prudential Douglas Elliman’s Mordechai Werde and Michael Ettelson but Halstead Property’s new development marketing team took over last July.

Construction wrapped up at the stalled development late last year and the building received a temporary certificate of occupancy in November, The Real Deal previously reported.

Sign Up for the undefined Newsletter

Praedium has been on somewhat of a spending spree of late and acquired assets valued at $500 million in the first half of 2011, according to its website. The sale of 109 Gold Street closed March 6.

While Russ Appel, president of the firm, was not immediately available to comment on the purchase of 109 Gold Street specifically, he said in a statement last year: “We have been actively identifying and acquiring strong assets in solid markets across the country. Our strategic investment approach continues to focus on value-add real estate acquisitions, as well as distressed debt and recapitalization opportunities.”

Neither Halstead, Constellation and Massey Knakal did not immediately responded to requests for comment.

Recommended For You