Steel Equities buys 50% stake in troubled E. W’burg site from Bruman Realty

Steel Equities’ Steel 121 Morgan LLC acquired an interest from Joseph Brunner and Bruman Realty through their entity Morgan Bmb LLC valued at $12.8 million for a 50 percent interest 1 parcel, including the tax class miscellaneous warehouse (E9) at 121 Morgan Avenue in East Williamsburg. The deal closed on December 31, 2020 and was recorded on January 13, 2021.
This is the sale of 50 percent interest held by Joseph Brunner. The other portion of the property was owned by Joseph Tabak and his Princeton Real Estate Partners. This property was in a pre-foreclosure process, with original lender Benefit Street Partners filing in June 2020 to foreclose on the loan. In December, Benefit Street sold the loan to a buyer hidden behind an LLC, according to court records, and on January 4, 2021, the parties terminated the case. The last time the property sold was January 21, 2015 for $12,800,000.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $3,500,000.0. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $831,983.

Direct link to Acris document. link