Brooklyn High-Rise Trades for $112M
The partnership between Canvas and Toyku Land US has been active in Manhattan recently as well.
Canvas Investment Partners and Tokyu Land US have acquired 436 Albee Square, a 150-unit mixed-use high-rise in Brooklyn, for $112.8 million. The property, also known as The Azure, was sold by Spencer Equity Group.
The 28-story property on 3.6 acres, completed in 2018, includes studios, one- and two-bedroom units, and two penthouse homes. At the time of the sale, the building was 99.3 percent occupied, Yardi Matrix data shows. There are two floors of retail, or 23,740 square feet, at the bottom of the structure.
Rents range from approximately $2,700 a month for a 407-square-foot studio to $4,800 a month for a 816-square-foot, two-bedroom unit, with the largest penthouse fetching more than $9,000 a month, according to Yardi Matrix data.
Unit amenities include a washer/dryer in all units, high ceilings and hardwood floors. Common amenities include a fitness center, clubhouse, playroom and a doorman. There is a rooftop terrace with a view of the Statue of Liberty.
The partnership between Canvas and Toyku Land US has been active in Manhattan recently as well, acquiring 210-220 East 22nd Street for $104.5 million from PGIM Real Estate in October. Together, the companies are part of an ongoing effort to acquire assets in Manhattan and Brooklyn. For its part, Canvas was behind two of the seven $100 million real estate deals in New York in 2024.
Aaron Jungreis and Alex Fuchs of Rosewood Realty Group brokered the 436 Albee deal. Canvas owns, operates and manages about 2,000 NYC apartments. Tokyu Land US is a subsidiary of Tokyu Fudosan Holdings Corp., which has over $20 billion of owned assets, with additional third-party assets under management.
Brooklyn multifamily stays strong
Rents are still rising in Brooklyn, according to the latest Yardi Matrix report on multifamily in the borough. Average asking rents were up 0.3 percent on a trailing three-month basis, to $3,634, as of June. Year-over-year, rents are up 3.9 percent in Brooklyn, compared with 4.8 percent for New York City as a whole over the same period.
Overall occupancy in Brooklyn’s stabilized rental assets was 98.6 percent, Yardi Matrix notes. That is down 30 basis points compared with a year ago, but still higher than the 94.5 percent national average. Job growth in NYC continues to support demand for apartments.
Some 2,447 apartment units were completed in Brooklyn during the first half of 2024, a 36.4 percent year-over-year ballooning of that metric, Yardi Matrix reports. The borough currently has 25,233 units under construction and an additional 33,000 units in the planning and permitting stages.
