Abraham Bennun’s Ethika pays $32M to SL Green for retail, garage condos in Williamsburg

Abraham Bennun’s Ethika Group Holdings through the entity Bensing 250 LLC paid SL Green Realty’s North 3rd Acquisition LLC $32.0 million for retail and garage condo units at 248 Bedford Avenue and 195 Berry Street in Williamsburg. The deal closed on December 23, 2020 and was recorded on January 6, 2021. The transaction consists of 3 parcels, including the tax class retail condominium (RK). The properties have a total of 52,233 square feet of built space.
The average sale price per square foot is $613.

Bennun, with his Triton Realty Group, developed the 72-unit condo project in 2010 after a series of developers failed during the Great Recession. SL Green Realty acquired a stake in the complex in 2010 and in 2013 it announced that it had acquired residential properties at the complex in partnership with Magnum Real Estate Group. Bennun acquired independent control of one of the four commercial condos in May 2011. The contract date for the recent purchase was December 23, 2020, the same as the closing date. The last time the units sold was as part of SL Green’s purchase in November 8, 2010 for $20,754,991.
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