Transition Acquisitions pays $44M to Alcion Ventures for property in Bushwick

Mordechai Gertz’s Transition Acquisitions through the entity 455 Jefferson Avenue LLC paid Alcion Ventures’s 1300 Flushing Owner LLC $44.0 million for 1300 Flushing Avenue in Bushwick. The deal closed on June 12, 2020, and was recorded on June 16, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 105,289 square feet. The parcel(s) have total development potential of 105,289 square feet.
The average sale price per square foot is $418.

Mordechai Getz was the signatory for the buyer. Mark H. Potter was the signatory for the seller. The sale contract date was June 5, 2020. The sale was brokered by Cushman & Wakefield’s Adam Spies, Dan O’Brien, Kevin Donner, Adam Doneger and Avery Silverstein.

The last time the property sold was September 15, 2015, for $46,040,000.
Transition Acquisitions borrowed $46.8 million for the purchase.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on November 20, 2017.
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 $6,671,107. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,097,102.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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