The former site of the historic Slave Theater in Bedford-Stuyvesant sold to developer EJS Group in last week’s largest mid-market investment sale.
Records show the sale came after co-living firm The Collective couldn’t pay its mortgage and its lender, Acres Capital, foreclosed on the London-based startup’s property.
Beyond that nearly $34 million transaction, the middle of the city’s investment sales market was muted last week. Just five investment properties valued at between $10 million and $40 million were recorded as sold. Manhattan was the busiest market with four deals, but none was as large as Brooklyn’s.
In one deal, a warehouse sold in Manhattanville and for once Columbia University wasn’t the buyer. Instead, Javier Martinez’s Artifact picked up the site, joined by a Miami-based investor.
Here are more details of mid-market transactions recorded in the second week of March.
EJS Group bought a 42,700-square-foot development site at 1215 Fulton Street in Bedford-Stuyvesant, Brooklyn, for $33.6 million. Tower Holding Group sold the property, where Brooklyn’s historic Slave Theater once stood.
Bankrupt co-living company The Collective had planned a 150-unit residential building at the site before lender Acres Capital initiated foreclosure proceedings against it last November.
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Investment firm Firebird Grove bought 11 mainly residential buildings up and down Patchin Place, a gated cul-de-sac in Greenwich Village, for $32 million. Morgan Holding Capital sold the properties, which span 27,800 square feet. The acquisition appears to be part of a buying spree by Paris-born German billionaire Nicolas Berggruen.
Javier Martinez’s Artifact team and Ashok Khubani bought a 22,500-square-foot warehouse at 2337 Joe DiMaggio Highway in Manhattanville for $18 million. Angie Cayer sold the property, also known as 2335 12th Avenue. Artifact plans to develop a mixed-use building with affordable housing at the site.
Aulder Capital bought a 32,900-square-foot, mixed-use building with 26 units at 2647 Broadway on the Upper West Side for $15.5 million. Stuart Eisenberg was the seller.
Ali Butt bought a 7,725-square-foot retail building at 34 East 14th Street in Greenwich Village for $10.5 million. Jane Studley was the seller.