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Spruce acquires 554 Fourth Avenue

The recently completed condo project spans 42,650 SF, and contains 43 units

Rendering of 554 Fourth Avenue and interiors (r; Douglas Elliman/ RoArt )

Spruce Capital Partners has acquired 554 Fourth Avenue from Boaz Gilad’s Brookland Capital in Park Slope for $29.6 million. The property spans 42,650 square feet, and contains 40 residential units, plus a ground-floor retail component (4,750 square feet).

The backdrop: Brookland continues its sales spree after liquidity issues kept it from meeting its debt obligations on the TASE, TRD noted.

Be Smart: Brookland paid a total of $7.4 million for the development site in 2014, and subsequently secured $20 million in financing from Spruce for the condo project. Bondholders forced Gilad to step down from Brookland Upreal Ltd. earlier this year amidst the firm’s financial issues.

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