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Brodsky buys City Point apartment tower

Daniel Geiger - Crain's New York Business

Brodsky buys City Point apartment tower

$100 million deal gives firm its second residential building at Brooklyn mega development

By Daniel Geiger 
7 Dekalb Ave.

The Brodsky Organization has acquired a majority stake in 7 Dekalb Ave., a 23-story rental-apartment tower that was recently built in Downtown Brooklyn as part of $1 billion mega development City Point.

The family-owned real estate investment firm purchased the building in a deal that valued it at around $100 million, a source said.

The tower was developed by a partnership between Acadia Realty Trust, Washington Square Partners and BFC Partners and includes 80% affordable units. In the deal Acadia and Washington Square Partners sold their majority stake to Brodsky. BFC Partners, which Acadia and Washington Square Partners had tapped to lead the construction, will retain its minority share.

A spokesman for BFC Partners confirmed it was still an owner in 7 Dekalb Ave. but would not comment on or confirm the sale of Acadia and Washington Square Partners' majority stake.

None of the other parties involved in the deal were immediately able to be reached for comment.

A CBRE investment sales team led by Darcy Stacom marketed the building to potential bidders and handled the sale for Acadia and Washington Square Partners. The sale is one of the year's largest for single residential properties.

The purchase gives Brodsky control of its second apartment tower at the City Point site. At the beginning of the 1.8 million-square-foot project's development in 2012, Acadia and Washington Square Partners, which control the City Point development site in a long-term land lease from the city, selected Brodsky to develop a 48-story, 440-unit market-rate rental apartment called City Tower. That building is now complete and is managed by Brodsky.

While they have struck deals to have other developers build and operate the site's apartment towers, Acadia and Washington Square Partners continue to own and operate a large retail mall at the base of the site's residential development that has a host of popular tenants, including the Alamo Drafthouse Cinema and the Dekalb Market food hall.

A third residential tower, with ground-level retail space, is still in progress. Acadia and Washington Square Partners selected Extell Development to erect that project, a slim, soaring rental tower.