G4 Capital pays $36.38M to Fortis for office, parking in DUMBO

G4 Capital Partners paid $36.38 million to Fortis Property Group for two office condominium units and a parking condominium unit in DUMBO, Brooklyn, in two transactions.

In the first, G4 Capital Partners through the entity 3060 Front CFU I LLC paid $25.5 million to Fortis Property Group through the entity Fortis CFU Acquisition, LLC for two office condos at 30 and 60 Front Street in DUMBO, Brooklyn. The expected use is cash flowing.

The deal closed on March 10, 2026 and was recorded on March 27, 2026. The two properties have 61,693 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $412 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Fortis Property Group was Joel Kestenbaum . The signatory for G4 Capital Partners was Robyn Sorid . The contract date was March 10, 2026.

In the second, G4 Capital Partners through the entity 3060 Front CFU II LLC paid $10.9 million to Fortis Property Group through the entity Fortis CFU Acquisition, LLC for the parking garage condo unit at 60 Front Street in DUMBO, Brooklyn. The expected use is cash flowing.
The deal closed on March 10, 2026 and was recorded on March 27, 2026. The property has 44,864 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $243 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Fortis Property Group was Joel Kestenbaum . The signatory for G4 Capital Partners was Robyn Sorid . The contract date was March 10, 2026.

The neighborhood

In DUMBO, The majority, or 56 percent of the 4.4 million square feet of commercial built space are office buildings, with elevator buildings next occupying 36 percent of the space. In sales, DUMBO has the 38th highest sale turnover among other neighborhoods in Brooklyn with $85 million in sales volume in the last two years. For development, DUMBO has had very little major development activity relative to other neighborhoods.It had 86,904 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 60 Front Street, PincusCo has identified the owners of two of the four commercial properties representing 378,940 square feet of the 378,940 square feet. The two identified owners are Fortis Property Group and Two Trees Management.
On the tax block, there were two new building construction projects totaling 500,072 square feet. The largest is a 76-unit, 250,036 square-foot residential (R-2) building submitted by Fortis Property Group and filed by Joel Kestenbaum with plans filed September 18, 2018 and permitted July 14, 2020. The second largest is a 250,036 square-foot educational (E) building submitted by Fortis Property Group and filed by Joel Kestenbaum with plans filed September 24, 2018 and permitted July 14, 2020.

The majority, or 96 percent of the 378,940 square feet of built space are elevator buildings, with retail buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Fortis Property Group owned at least one commercial property with 76 residential units in New York City with 362,940 square feet and a city-determined market value of $39.7 million. (Market value is typically about 50% of actual value.) The portfolio has $417.6 million in debt, with top three lenders as G4 Capital Partners, Madison Realty Capital, and Axos Bank respectively. The portfolio consists of at least a single elevator property. It is located in Brooklyn.

The buyer

The PincusCo database currently indicates that G4 Capital Partners owned at least one commercial property in New York City with 29,671 square feet and a city-determined market value of $2.9 million. (Market value is typically about 50% of actual value.) The portfolio has $32.2 million in debt, borrowed from Sabal Investment Holdings. The portfolio consists of at least a single office property. It is located in Manhattan.

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