KKR & Co. pays $41.4M to Bruman Realty for two properties in Bushwick, part of larger deal

Kohlberg Kravis Roberts & Co. through the entity KRE Bklyner 93 Linden LLC paid $41.4 million to Bruman Realty through the entity Linden Street Holdings LLC for the 68-unit rental (D1) at 93 Linden Street in Bushwick, Brooklyn and development site (M1) at 395 Evergreen Avenue in Bushwick, Brooklyn.
KKR recently bought a 75% stake in the observatory condominium unit at 30 Hudson Yards, valued at $508.5 million.
The deal closed on October 7, 2021 and was recorded on October 22, 2021.
The two properties have 75,468 square feet of built space and 916 square feet of additional air rights according to PincusCo analysis of city data. The sale price per built square foot is $548 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 Bruman Realty was Joseph Brunner. The signatory for KKR & Co. and Kohlberg Kravis Roberts & Co. was Daniel Rudin.
(321210202)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 68 residential units on August 12, 2020. (321210202) Plans for a 68-unit, 59,622 square-foot R-2 were filed on September 1, 2015 and were permitted on December 14, 2015.
The former owner according to the Department of Housing Preservation and Development was Ari Worch, head officer. The business entity was Linden Street Holdings Llc.

Within a 400-foot radius of 93 Linden Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was in new building development. It was a new building permit application filed on October 29, 2019 for a 33,034-square-foot R-2 building with 29 residential units at 111 Grove Street.
Of those four items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $4.4 million and one permit with a total initial cost of $547,000. The most recent of these three items was the permit on May 17, 2021 for an A-3 building with no residential units at 395 Evergreen Avenue.

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