Bungalow Projects buys former Heritage Equity sites in Williamsburg

This week’s mid-market deals: Williamsburg sites, Flatbush homeless shelter, Kushner multifamily

Bungalow Projects buys former Heritage Equity sites in Williamsburg
Bungalow Projects' Travis Feehan along with 201, 203, 215, 225 Moore Street in East Williamsburg (Getty, Google Maps, LinkedIn/Travis Feehan)

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:

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  1. 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.
  1. 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.