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Bungalow Projects buys former Heritage Equity sites in Williamsburg
This week’s mid-market deals: Williamsburg sites, Flatbush homeless shelter, Kushner multifamily
Bungalow Projects’ acquisition of former Heritage Equity Partners sites in Brooklyn led the transactions filed last week in mid-market investment sales, which we define as between $10 million and $40 million.
Recently formed by Travis Feehan, Bungalow paid $26.6 million to Fortress Investment Group for the mixed-use buildings at 201, 203, 215, and 225 Moore Street in East Williamsburg, Brooklyn. In a separate transaction, Bungalow paid $14.8 million for the nearby building at 232 Seigel Street.
Fortress acquired the sites in October for $25.5 million from Toby Moskovitz’s Heritage Equity Partners. The two were embroiled in a lengthy legal battle, resulting in lender Fortress taking over the property, where plans called for a 13-story office and retail building.
In total, seven end-of-year sales of commercial properties valued between $10 million and $40 million appeared in city records between Jan. 2 and Jan. 5. Below is more information on the other sales, ranked by dollar amount:
- An entity connected to Yoel Zagelbaum paid $31 million for the homeless shelter at 21 Duryea Place in Flatbush, Brooklyn. Developer David Levitan signed for the seller.
- An entity connected to Targo Capital Partners paid $22.8 million for the 48-unit apartment building at 118-120 East Fourth Street and $25.5 million for the combined 28-unit walkup buildings at 199-203 East Fourth Street in Manhattan. The buildings were part of Jared Kushner’s 2013 buying spree of Manhattan apartment buildings. These buildings were among seven walk-up rental buildings in the East Village that Kushner Companies bought for $49 million.
3. An entity connected to landlord Joseph Brunner sold the boarding house at 313 Powell Street in Brownsville for $23 million, after paying $5 million in 2015. The buyer of the five-story building is 313 Powell Holdings LLC. Law firm Jeffrey Zwick & Associates signed for the purchase.
4. An entity tied to Flushing architect and developer Raymond Chan paid $21.5 million for the former Barney’s department store space at 115 Seventh Avenue in Manhattan. The Real Deal first reported the deal.