Spencer Equity Buys Coney Island Apartment Building for $50M

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Spencer Equity has closed on its $50 million purchase of a 20-story apartment building in Coney Island, Brooklyn, according to the broker on the deal.

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Joel Gluck’s company bought the 250-unit, 229,865-square-foot building at 2911 West 36th Street from Meyer Orbach’s New Jersey-based Orbach Group on Monday, a spokeswoman for Rosewood Realty Group said.

“This is a great purchase for Spencer Equity,” Aaron Jungreis of Rosewood, who represented both parties, said in a statement. “This Brooklyn neighborhood is on the rise with a great location near the ocean and many new building going up in the area.”

Spencer Equity was first in contract to buy the building—which also has five ground-floor retail spaces—in March, The Real Deal reported. Orbach bought the building for $34 million in 2014, city records show.

The building at 2911 West 36th Street has a 20-year Section 8 affordable-housing contract with the federal Department of Housing and Urban Development that ends in 2034, according to a spokeswoman for Rosewood. Spencer Equity’s sale was approved by HUD and the city’s Department of Housing Preservation and Development to keep the status.

Aside from owning several multifamily buildings around the city, Spencer Equity is also a partner in at least two large developments shaping up in Brooklyn including Downtown Brooklyn’s 436 Albee Square project with All Year Management and Broadway Triangle in Williamsburg with the Rabsky Group.