Madison International Realty turns over Brooklyn Heights retail to lender, at $23M transfer value

94 Court Street (Credit - Google)

94 Court Street (Credit - Google)

Madison International Realty through the entity MIR Court Street Associates, LLC turned over its ground lease interest in the retail building (J5) at 94 Court Street in Brooklyn Heights, Brooklyn to its lender. The lender was a CMBS entity The RSS UBSBB2013-C6-NY MCS LLC with Rialto Capital Advisors as special servicer. The transfer value was $23 million.
The deal closed on October 24, 2023 and was recorded on October 30, 2023. The property has 141,225 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $162 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 July 24, 2018, for $32.7 million. The signatory for Madison International Realty was Ronald M. Dickerman. The signatory for RSS UBSBB2013-C6-NY MCS LLC was Adam Singer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer RSS UBSBB2013-C6-NY MCS LLC had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Madison International Realty had not purchased any other properties and sold eight properties in one transaction for a total of $12 million over the same time period.

The property

The specialty building in Brooklyn Heights has 141,225 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 191 feet and is 92 feet deep with a total lot size of 17,825 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $31.5 million.

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 34 DOB violations and $850 in OATH penalties in the last year.


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 Brooklyn Heights, The bulk, or 26 percent of the 12 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has 1.7 times the average sales volume among other neighborhoods with $625 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Brooklyn Heights has had very little major development activity relative to other neighborhoods.It had 352,663 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 10 commercial properties representing 21,133 square feet of the 179,187 square feet. The largest owner is Todd Rose, followed by Martin H. Kolk and then Luke Massie Trustee.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 179,187 square feet of built space are specialty buildings, with walkup buildings next occupying 12 percent of the space.

The seller

The PincusCo database currently indicates that Madison International Realty owned at least 14 commercial properties with 892 residential units in New York City with 670,570 square feet and a city-determined market value of $85.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 670,570 square feet of built space are elevator properties, with walkup properties next occupying 25 percent of the space. The bulk, or 38 percent of the built space, is in Manhattan, with Brooklyn next at 36 percent of the space.

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