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Brodsky’s Flatiron stake, Shokai’s bulk condo purchase lead mid-market sales

Jay Young - The Real Deal

The Brodsky Organization closed on its investment in the Flatiron building, Rockfarmer Properties sold a couple of assets near its recently completed Astoria condominium, and Kushner Companies parted with a multifamily property in the East Village.

The trades highlighted transactions so far this month in the middle market, defined as commercial sales between $10 million and $40 million. All are below, ranked by dollar amount:

The Brodsky Organization paid $40 million for a 25 percent stake in the famed Flatiron Building, which is going (mostly) residential. The property became available after its owners, which included Jeff Gural’s GFP Real Estate, couldn’t agree on what to do with the vacant office building. In related transactions, GFP transferred at no cost its 70 percent stake in the building. Brodsky paid $6.7 million to ABS Partners for the rest of the property.