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GO Residential REIT closes $109M Brooklyn apartment deal
The REIT bought an approximately 81 percent managing interest in a 186-unit building at 409 Eastern Parkway, and it says the purchase will increase its portfolio to 2,731 residential units.
GO Residential REIT has completed its previously announced acquisition of an approximately 81 percent managing interest in a multifamily property in Crown Heights, Brooklyn, according to Commercial Observer. The company used LLC GO 409 to acquire control of the 186-unit building at 409 Eastern Parkway for $109 million, property records published Monday showed.
Commercial Observer reported that GO purchased the stake from FBE Limited, Adam America Real Estate, and Zev Marmurstein. Adam America will retain a 19 percent stake in the property, and the deal first announced in March closed July 1 and was recorded July 20.
The building spans about 197,395 square feet and includes three ground-floor retail units, with current tenants including Cornbread Brooklyn and JAG Physical Therapy. The property also has a tax exemption status under the now-sunsetted 421-a program, which began in 2020 and is set to expire in 2056, Commercial Observer noted.
Commercial Observer added that the acquisition aligns with GO’s broader buying activity, including earlier purchases of 350 West 43rd Street, 411 West 35th Street, and 444 West 35th Street. Following the Crown Heights deal, the REIT said its portfolio will comprise 2,731 residential units, up 7 percent from the end of June.