A Bed-Stuy rental complex is changing hands for around $3 million less than its 2016 purchase price.
Records show the 72-unit complex at 756 Myrtle Avenue in Brooklyn was sold on Nov. 1 for $49 million by David Katz and Mordechai Spira. The pair purchased the property in 2016 from the Chetrit Group and the estate of late developer Henry Zilberman for $52.4 million, or about $490 per square foot.
The buyer is listed as 756 Myrtle LLC. PincusCo was first to report the sale, noting the entity is linked to Rivky Brach. The debt on the building, more than $37.2 million in total, was provided by Signature Bank. Spira and Katz initially secured a five-year, $34 million acquisition loan from Investors Bank for the property.
The six-story, 107,000-square-foot building was developed as a condominium complex in 2007. Amid the market downturn, however, the apartments were leased as rentals. According to StreetEasy, monthly rents in the building range from $1850 for the cheapest units to $3600 for the priciest.
The building, which is also known as MYNT, has a 17,000-square-foot commercial space, which is occupied by a Duane Reade and a 48-space parking garage.
Chetrit and Zilberman paid $2.4 million for the development parcels in 2004. Zilberman, who developed the Z Hotel in Long Island City, passed away in 2014.
Brach previously bought a property in the Riverdale neighborhood of The Bronx for $7 million. The purchase of 3547 Webster Avenue saw the 30,000-square-foot property change hands from Webster Residents.
The City Council last month approved a rezoning proposal from BRP Companies in Bed-Stuy that opens the door for a massive mixed-use building at 270 Nostrand Avenue by the developer. The 14-story, 340,000-square-foot project will create 487 apartments, 144 of which would be income-restricted.
Read more
Development
New York
BRP’s controversial Bed-Stuy project wins approval
Development
New York
On second thought, a Bed Stuy development plan falls apart