Commercial
New York
“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals
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Thor snags sweet deal for former Tootsie Roll factory
Fairstead sells Clinton Hill multifamily property at discount
From left: Thor Equities’ Joseph Sitt and Fairstead CEO Jeffrey Goldberg along with 275 Park Avenue in Clinton Hill (Getty, Thor Equities, Fairstead, LoopNet)
Joseph Sitt’s Thor Equities acquired the former Tootsie Roll factory at 275 Park Avenue in Clinton Bill for $58.5 million, Crain’s reported. The deal for the 175,000-square-foot Brooklyn property breaks down to more than $334 per square foot.
The final purchase price was a discount from the $67 million that Fairstead and Meadow Partners paid for the property in 2019.
The seven-story building formerly housed the chocolate confectionery, but was converted into an apartment building in the 2000s. The 123-unit property appears to be fully leased, according to StreetEasy.
Besides the rentals, the property also features five commercial spaces, all of which are leased. The storefronts include a spa, a coffee shop, coworking space and a comedy club.
Rosewood Realty Group’s Aaron Jungreis and Ben Khakshoor worked on both sides of the deal.
Prior to Fairstead, the owners of the loft-style property were the HK Organization and Brickman Real Estate. The partners paid $68 million to buy the Clinton Hill building in 2014.
The new acquisition is a “valuable addition to our portfolio that blends Brooklyn’s rich industrial past and modern present,” Sitt said in a statement. “This investment strengthens our presence in high-growth markets and supports our approach of enhancing and diversifying our assets.”
Sitt’s Thor recently lost a couple of properties in Manhattan to foreclosure. Lenders Maverick Real Estate Partners and Midland Loan Services took control of Thor’s retail properties in the Meatpacking District and Soho, respectively.
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Fairstead has been relatively quiet this year, though Jeffrey Goldberg’s firm bought an affordable housing complex in Lauderhill, South Florida at the start of the year for $26.5 million.
In other recent Brooklyn multifamily activity, private equity giant KKR teamed with Dalan Management and agreed to snap up a 327-unit building at 540 Fulton Street in Downtown Brooklyn for roughly $240 million, The Real Deal reported. Jenel Real Estate is the seller in that deal.
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