KKR pays $126.2M to Bruman Realty for rental in Bed Stuy

KKR through the entity Kre Bklyner 1134 Fulton LLC paid $126.2 million to Bruman Realty through the entity Porter Ave Holdings LLC for 116-unit rental (D6) at 1134-1152 Fulton Street in Bed Stuy, Brooklyn. This is part of a larger, $860 million purchase of a multifamily portfolio The Real Deal reported in 2020 was in the works.
The deal closed on October 7, 2021 and was recorded on October 20, 2021.
The property has 164,163 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $768 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 seller bought the property on May 29, 2014, for $19 million.
(321128999)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 182 residential units on May 1, 2020. (321128999) Plans for a 182-unit, 144,218 square-foot R-2 were filed on May 12, 2015 and were permitted on December 29, 2015.
The former owner according to the Department of Housing Preservation and Development was Ari Worch, head officer. The business entity was Porter Ave Holdings Llc.
Within a 400-foot radius of 1134-1152 Fulton Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Mendel Gold borrowed $7.8 million from Arbor Realty Trust secured by the 14,334-square-foot, 15-unit rental (C7) on 1183 Fulton Street on February 17, 2021.

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