Sales Beat

Springhouse Pays $16M for Second Brooklyn Acquisition in Recent Months

Springhouse Partners has purchased 105 Grand Avenue, a 38,500-square-foot, newly-constructed residential building in the Clinton Hill section of Brooklyn for $16 million, sources tell The Commercial Observer.

The sale was an off-market deal brokered by Sean Lefkovits, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap; and the seller was a group of undisclosed Brooklyn-based investors that decided to part ways, sources said.

brooklyn 20120621 00105 Springhouse Pays $16M for Second Brooklyn Acquisition in Recent Months

105 Grand Avenue

“Sometimes when a partnership is splitting up it is more feasible to complete an off-market transaction as a broker, and we knew the perfect buyer who was well aware of the future growth potential found in the neighborhood,” said Mr. Von Der Ahe.  “It was a good match for both parties.”

The seven-story, elevator building is located across the street from the Pratt Institute and very close to Fort Greene Park.  It opened for leasing in May and reached full occupancy within three months, with brokerage Apartments and Lofts handling the leasing.

The building features 36 one- and two-bedroom apartments; and amenities include a gym and rooftop deck with views of the Manhattan skyline.

This is the second Brooklyn acquisition for Springhouse Partners and its founder Adam Verner in the past few months; in July, the firm paid $13.75 million for a newly-constructed, 32-unit, 39,000 square foot residential building at 90-96 Meserole Street in Williamsburg.

“We knew Adam had purchased a similar property a few months ago, and with Adams’ ability to close all cash, he was our go-to buyer for this off-market transaction,” said Mr. Lefkovits.

Verner did not return calls seeking comment.

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