Pinnacle buys out partner in $208M Brooklyn deal
Majority of properties are in and around Crown Heights and Prospect Park South
Real estate owner and manager the Pinnacle Group, headed by Joel Wiener, has bought its equity partner Hudson Realty Capital out of its interest in 28 Brooklyn buildings co-owned by the pair.
Pinnacle paid $208 million to take title of the properties, many of which are situated in and around Crown Heights and Prospect Park South, according to public records filed with the city today.
The Hudson partnership purchased the majority portfolio, which includes properties at 459 Schenectady Avenue and 176 Clarkson Avenue, from frequent collaborator Praedium Capital in 2008, for a combined $133 million, public records show. It was not clear if Pinnacle had been an investor in the portfolio prior to Hudson’s involvement in the deal.
Ken Fisher, a lawyer for Pinnacle, told The Real Deal of Hudson’s exit from the investment: “The city’s economy continues to be strong. These are well managed, moderate- and middle- income buildings. I guess Hudson got a fair price and Pinncacle was happy to have a larger stake in the investment.”
A representative for Hudson did not immediately respond to a request for comment. There was no broker on the deal, Fisher said.