Amid financial woes, Brookland Capital is selling another Brooklyn property

Firm is selling 554 4th Avenue to Spruce Capital Partners

554 4th Avenue in Brooklyn and Brookland Capital CEO Boaz Gilad (Credit: Google Maps)
554 4th Avenue in Brooklyn and Brookland Capital CEO Boaz Gilad (Credit: Google Maps)

UPDATED, 4:49 p.m., April 23: Another Brookland Capital property is changing hands as the prolific Brooklyn real estate company grapples with a host of financial troubles.

Spruce Capital has acquired all the condo units at 554 4th Avenue in Park Slope from Brookland for $29.6 million, according to property records. The building includes 40 residential units and three commercial units.

Representatives for Spruce and Brookland did not immediately respond to requests for comment.

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Brookland has been dealing with several financial issues in Israel, where bondholders forced founder Boaz Gilad to step down from Brookland Upreal Ltd. earlier this year. The company is incorporated in the British Virgin Islands and issues bonds in Israel.

The development firm also stalled trading on its bonds in Tel Aviv following an announcement in November that liquidity issues would keep it from meeting its debt obligations.

Gilad told The Real Deal in January that the firm was considering selling some of its properties to get through the rough patch but stressed that he would prefer to hold onto them. SME Capital Ventures was closing in on Brookland’s rental property at 691 Marcy Avenue for $22 million this winter, but the sale has not closed yet, according to property records.

Correction: An earlier version of this article misidentified the property as 544 4th Avenue.