Urban Edge Properties pays $89M to Nightingale, Infinity for retail property in Midwood

Urban Edge Properties through the entity UE Kingswood One LLC paid Nightingale Properties and Steve Kassin’s Infinity Real Estate’s NG Kingswood Center LLC $88.8 million for 1630 East 15th Street in Midwood. The deal closed on February 12, 2020, and was recorded on February 25, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 229,926 square feet. The parcel(s) have total development potential of 229,926 square feet.
The average sale price per square foot is $386.

The transfer documents show the seller’s partnership breakdown to be Nightingale with 50 percent, an entity tied to Ike Franco (Infinity co-founder, according to a biography on the company website) with 22.5 percent, another tied to Kassin at 22.5 percent and one with Infinity at 5 percent. This is the first piece of a two-property purchase The Real Deal reported would total $165 million between the parties. The last time the property sold was August 7, 2014, for $67,486,442.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on July 26, 2012.

The other property that’s part of the $165 million sale, for 1715 East 13th Street, has not yet been recorded in public records.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $245,410.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link