Lincoln Property, Cross Ocean pay $69.6M to RXR for office in Fort Greene, was $194.5M in 2014

Lincoln Property Company and Cross Ocean Partners through the entity 470 Holdings LLC paid $69.6 million to RXR Realty through the entity Vanderbilt Associates Owner Lp for the ground lease controlling the office building (O6) at 470 487 Clermont Avenue in Fort Greene, Brooklyn. The expected use is cash flowing.
The deal closed on August 8, 2025 and was recorded on August 20, 2025. The property has 710,746 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $97 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 RXR Realty was David Frank . The signatory for Lincoln Property Company and Cross Ocean Partners was Zachary Thomas.

RXR Realty bought the ground lease for $194.5 million from GFI. The fee is owned by Solil Management .

The lease, first signed in 2000 between Solil Management and Carlyle Group, runs to 2077. The Goldman family has had a stake in the property for decades, but Sol Goldman’s entity acquired the site in 1998. Two 2019 Bank of America loans originally totaling $182 million were satisfied simultaneously with the sale.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lincoln Property Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller RXR Realty purchased seven properties in four transactions for a total of $1.8 billion and sold five properties in four transactions for a total of $854.5 million over the same time period. The 710,746-square-foot property generated revenue of $31.8 million or $45 per square foot, according to the most recent income and expense figures.

The property

The office building in Fort Greene has 710,746 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 449 feet and is 218 feet deep with a total lot size of 81,994 square feet. The lot is irregular. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $131.5 million. The most recent loan totaled $25 million and was provided by Mirae Asset Daewoo on August 9, 2019.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,130 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 17, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Fort Greene, The bulk, or 34 percent of the 12.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 23 percent of the space. In sales, Fort Greene has 2.9 times the average sales volume among other neighborhoods with $811.2 million in sales volume in the last two years and is the 4th highest in Brooklyn. For development, Fort Greene has had very little major development activity relative to other neighborhoods.It had 671,873 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the two commercial properties representing 710,746 square feet of the 1,033,705 square feet. The identified owner is Sol Goldman Investments.
On the tax block, there was one new building construction project filed totaling 906,808 square feet. It is a 363-unit, 906,808 square-foot residential (R-2) building submitted by RXR Realty and filed by Todd Rechler with plans filed December 4, 2014 and permitted December 10, 2015.

The majority, or 69 percent of the 1 million square feet of built space are office buildings, with elevator buildings next occupying 31 percent of the space.

The seller

The PincusCo database currently indicates that Rxr Realty owned at least 24 commercial properties with 1,000 residential units in New York City with 10,007,707 square feet and a city-determined market value of $3.4 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 10,007,707 square feet of built space are office properties, with D3 properties next occupying 4 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

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