Brooklyn Standard Properties Makes Foray Into Manhattan With $13.7M Purchase
Well, it didn’t take long for this Brooklyn-based landlord to start making moves in Manhattan.
Brooklyn Standard Properties has purchased two Manhattan Valley walk-up residential buildings for a combined $13.7 million, entering the Manhattan market just three years after its founding.
“The growth and potential of Manhattan Valley is very similar to the transformation we are seeing in Brooklyn,” Brooklyn Standard Properties Co-Founder Benji Kohn said in a prepared statement. He represented the firm with David Manheimer, a founding partner.
The developer acquired the 1910 properties, which comprise 23 rental apartments at 207-209 West 107th Street, on April 29 from Jeomill Realty Corp. Brooklyn Standard Properties, which has offices in Soho, took a $7.8 million loan from Banco Popular to fund the acquisition of the buildings between Broadway and Amsterdam Avenue, according to property records. It also raised $400,000 of equity via crowdfunding website CrowdStreet, and as for the rest, Mr. Kohn said, “We put in our own money and we syndicate the investment to private investors.”
Town Residential’s Julie Weintraub represented Jeomill Realty Corp. in the sale. Ms. Weintraub declined to comment.
Messrs. Kohn and Manheimer started the company in June 2013, specializing in purchasing and repositioning undervalued properties in Brooklyn.
Brooklyn Standard properties bought two contiguous three-story apartment buildings at 157-159 Wythe Avenue between North 6th and North 7th Streets in Williamsburg last December for $8 million, according to property records. The buildings are vacant and the landlord is converting the ground floor to retail and adding fourth floors.