Madison Realty’s pickup of Williamsburg hotel site tops midsize i-sales

Four deals involving mid-market commercial properties hit city records

159 Broadway in Brooklyn and Madison Realty Capital’s Josh Zegen (Getty, Madison Realty Capital, Stonehill & Taylor Architects)
159 Broadway in Brooklyn and Madison Realty Capital’s Josh Zegen (Getty, Madison Realty Capital, Stonehill & Taylor Architects)

Thanksgiving didn’t stop New York City dealmakers from completing mid-market investment sales.

Four transactions involving commercial properties valued between $10 million and $40 million hit city records last week. All four were in the outer boroughs, with three in Brooklyn and one in the Bronx. Below is more information on each sale, ranked by dollar amount.

1. Madison Realty Capital acquired through bankruptcy the site of developer Isaac Hager’s Williamsburg Hotel project at 159 Broadway in Williamsburg for $32 million. GC Realty Advisors’ David Goldwasser signed for the seller. Madison Realty, the senior lender on the site, had lent the project about $28 million and used the debt to get the inside track on buying it.

Madison filed to foreclose on the project’s senior debt in 2020, alleging that Hager was in default. Its bankruptcy plan was approved this summer. Hager’s Cornell Realty had bought the site in 2017 for $26 million and filed plans to build a 26-floor, 112,000-square-foot hotel and condominium.

2. Verizon came calling for an industrial site at 470, 480, 500 and 502 Zerega Avenue in Castle Hill, paying $21 million to Del Balso Construction Company. The 3-acre site along Westchester Creek consists of about five buildings, parking lots and 24,000 square feet of vacant land. Verizon had been leasing one of the buildings for about 20 years, Crain’s reported.

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It’s unclear what the telecommunications company’s plans are for the site, which was last sold in 2006 for an undisclosed amount.

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3. An entity connected to Hirshmark Capital acquired through foreclosure an apartment building at 927 Atlantic Avenue in Clinton Hill for $15.5 million from an entity tied to Boaz Gilad’s Brookland Capital. Stephen Spinelli signed as the referee of the agreement.

Built in 2017, the 17,200-square-foot property has 21 units across seven floors. Brookland Capital bought the site in 2015 for $4.8 million.

4. Mosdav Real Estate and QFF Realty sold an industrial site and non-residential vacant land at 1660 and 1663 62nd Street in Borough Park to an LLC for $13 million. Nancy Soffer and Shani Segal signed for the seller and Blimie Perlstein for the buyer.

The 4,000-square-foot parcel at 1660 was last sold in 2001 for an undisclosed amount. The four warehouses spanning 24,300 square feet at 1663 62nd Street were last sold in 1979 for an undisclosed amount.

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