Fairstead and Meadow Partners pay $67M to HK Organization and Brickman Real Estate for multifamily property in Fort Greene

Fairstead and Meadow Partners through the entity 275 Park Owner LLC paid HK Organization and Brickman Real Estate’s 275 Park Associates LLC $67.3 million for 275 Park Avenue in Fort Greene. The deal closed on October 30, 2019, and was recorded on November 13, 2019. The transaction consists of 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 125 residential units. The property is 184,411 square feet.
The sale price per unit is $538,000.
The estimated cap rate is 3.7%
The last time the property sold was August 12, 2014, for $68,000,000. Hodges Ward Elliott’s Daniel Parker, Paul Gillen and Kyle van Buitenen were hired by the owner to market the building.

Over the past five years, there have been 6 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 5 renovation/alteration projects (A2) applied for with a total estimated value of $1,104,125.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link