The Brodsky Organization [TRDataCustom] shelled out $100 million for a majority stake in a rental tower in Downtown Brooklyn’s City Point megadevelopment.
Acadia Realty Trust and Washington Square Partners are the sellers. BFC Partners, which developed the tower in partnership with the two firms, will keep its stake, Crain’s reported.
The 23-story, 230,000-square-foot tower at 7 DeKalb Avenue opened in March 2016. Eighty percent of the building’s 250 units are set aside for below-market rent. It is part of the first phase of City Point, Acadia and Washington’s three-building, 1.8 million-square-foot mixed-use development.
A CBRE team led by Darcy Stacom brokered the sale.
Brodsky already controls another, 44-story apartment tower in the project. Acadia and Washington selected Gary Barnett’s Extell Development to build the third tower, a planned 59-story building at 138 Willoughby Street. [Crain’s] — Konrad Putzier