DEAL OF THE DAY: Glory Capital Acquires Seven Buildings for $18.3M
- May 05, 2008
By Anuradha Kher, Online News EditorNew York–Glory Capital recently acquired seven apartment buildings in the Fort Greene/Clinton Hill neighborhood of Brooklyn, New York, for $18.3 million.Fort Greene is known for its historic, prewar buildings and the multitude of restaurant options along Fulton Street and DeKalb Avenue. Fort Green stretches from Park to Atlantic avenues, between Flatbush and Franklin avenues. Vanderbilt Avenue divides Fort Greene to the west and Clinton Hill to the east. According to Martin Ben-Dayan, director at Glory Capital, rents in the acquired properties are roughly 60 percent below current market value. “This transaction continues Glory Capital’s transition from passive equity investor to active owner operator,” he says.