Glacier Equities Buys Brooklyn Building Portfolio and Sites for $35.5M
A family began buying the Greenpoint assemblage in the late 1970s and put it for sale in 2021
By Brian Pascus June 10, 2024 2:11 pm
reprints
A multi-lot, multi-building assemblage in Greenpoint, Brooklyn, is trading hands.
The assemblage at 93–99 Commercial Street — together with 1139-1145 Manhattan Avenue, 15 Box Street and 78 Box Street — has been sold for $35.5 million, Commercial Observer has learned.
Together the properties and lots total 104,000 square feet, according to a source close to the transaction. 360 Capital Funding provided the bridge loan on the deal. The full amount of debt and equity on the deal has not yet been confirmed.
The Kennedy family of Sulcoit Capital is the seller, while Glacier Equities, a New York City developer and investment firm, is the purchaser. The CBRE (CBRE) team led by Dan Kaplan served as the broker on the transaction. Kaplan and his team were hired to put the assemblage on the market in October 2021, CO previously reported.
93-99 Commercial Street includes 22 regulated and market-rate apartments as well as both retail and office space, while the lots at 15 and 78 Box Street are among the last remaining development sites on the Greenpoint waterfront. 1139-1145 Manhattan Avenue are existing mixed-use buildings.
Glacier Equities plans to reposition the properties and lots into a mixed-use residential retail asset, according to a source close to the transaction.
93-99 Commercial Street is the former site of Greenpoint Glass Works, an 1850s glass factory complex on the Greenpoint waterfront. CO previously reported that the property sits on a 48,330-square-foot lot, including 100 feet of frontage along Newtown Creek and a 250-foot-long internal courtyard.
Martin Kennedy, a New York real estate investor, purchased 93-99 Commercial Street in 1977 and renovated it four times before his death in 2019.
Glacier Equities did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
