JV Buys Brooklyn Community
Bluestone Investments and Shel Capital acquired the property at a discount to its previous selling price.
A partnership between Bluestone Investments and Shel Capital has purchased a 105-unit residential community in Brooklyn, N.Y., from Trinity Place Holdings for $68.5 million. JLL represented both parties and also arranged a $44.5 million Freddie Mac loan for the buyer.
Trinity Place had acquired the asset in 2018 from Adam America Real Estate for $81.2 million, according to Yardi Matrix information. A $52.4 million note from CIBC Bank had financed that transaction. The property, located at 237 11th St., was later refinanced with a $60 million loan originated by Natixis.
Brooklyn’s investment deals totaled $709 million from January to November 2024, more than threefold the total volume of $199 million registered the previous year, according to a recent Yardi Matrix report. Average advertised asking rents dropped 0.2 percent on a trailing three-month basis through November.
A Brooklyn community
The 12-story Brooklyn property came online in 2017 in the Gowanus neighborhood. The building also includes a 6,264-square-foot retail space fully occupied by Starbucks, Massage Envy and a dental office.
The community’s units have studio, one- and two-bedroom layouts and one single three-bedroom apartment. Shared amenities include a library, fitness center, rooftop deck, as well as on-site parking.
The residential community is at the intersection between Fourth Avenue and 11th Street, one block from the subway station on Ninth Street. Prospect Park and the NewYork-Presbyterian Brooklyn Methodist Hospital, as well as a Whole Food Market and several restaurants, are within 1 mile of the property.
JLL Capital Markets Senior Managing Directors Jeffrey Julien and Rob Hinckley, together with Managing Director Steven Rutman, led the team that arranged the sale. Managing Directors Michael Shmuely and Michael Zaremski, alongside Senior Director Robert Tonnessen and Director John Flynn from the Debt Advisory team, secured the loan for the borrower.
