Luxury Brooklyn apartment trades for $142 million
JLL Capital Markets has completed the $142 million sale of The Addison, a two-building, 271-unit luxury rental apartment building with three ground-floor retail spaces located at 225 Schermerhorn Street in downtown city of Brooklyn, New York.
JLL has marketed the property on behalf of the seller, BentallGreenOak, a global real estate investment management advisor and provider of real estate services. The property was acquired by New York-based real estate investment firm, The Dermot Company, in partnership with USAA Real Estate and PGGM. JLL also represented the buyer in obtaining acquisition financing from Capital One.
Completed in 2011, The Addison is a mixed-income building with 65 studios, 117 one-bedroom apartments and 89 two-bedroom apartments. Located between Hoyt and Bond streets, the property is a mixed-use building consisting of two residential towers, three ground floor retail spaces and a structured basement parking garage with 109 spaces parking. The Livingston Street Tower consists of 26 floors, while the Schermerhorn Street Tower has 15 floors. The towers are interconnected and share all amenity spaces.
Bordering Boerum Hill, the Addison’s location provides residents with a premier 24/7 live/work/play environment and proximity to transportation that allows easy access to Manhattan in less than 20 minutes. It is located directly above the Hoyt-Schermerhorn (A, C, G) subway station, with 10 additional subway lines and the Atlantic Terminal lines located a few blocks away. Fort Greene Park is within walking distance of the Addison, as are an array of popular restaurants, retailers and antique shops in the Fulton Street and Atlantic Avenue shopping corridors.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Jeffrey Julien and Rob Hinckley, Managing Director Steve Rutman, Managing Director Paul Spellman and Partner Jonathan Faxon. Spellman, along with Senior Managing Director Steven Klein and Vice Chairman Christopher Pratt, of JLL Capital Markets Debt Advisory, arranged the funding with Capital One.
“There has been an unprecedented investment of capital into downtown Brooklyn in recent years, transforming the submarket into an entirely new neighborhood,” Julien said.
Andrew Levison, Partner and Managing Director of The Dermot Company, said, “The Addison is a terrific property in a rapidly changing neighborhood in which we have many years of experience. We are excited to bring our industry-leading services to residents of The Addison and improve the building over time. We are also delighted to be working with Capital One again as a lender. Their deep understanding of New York City led to excellent execution for everyone involved.
“This transaction represents Capital One’s commitment to financing attractive, well-located multi-family assets in markets such as Brooklyn. We were delighted to work alongside a team of experienced institutional sponsors with a solid business plan for the property,” said Prithvi Mohan, senior vice president of commercial real estate at Capital One.
(Visited 1 time, 50 visits today)