Fairstead and Meadow Partners borrow $60M from Heitman Credit for Chocolate Factory in Fort Greene

Fairstead and Meadow Partners through the entity 275 Park Owner LLC as borrower signed a loan agreement with lender Heitman Credit Acquisition II, LLC valued at $60.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 125 residential units at 275 Park Avenue in Fort Greene. The deal closed on October 30, 2019 and was recorded on November 21, 2019.
The property contains a total of 184,411 square feet of built space.

The last time the Chocolate Factory sold was October 30, 2019, when Fairstead and Meadow Partners bought it for $67,250,000.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $1,744,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link