Acquisitions
Spruce acquires 554 Fourth Avenue
The recently completed condo project spans 42,650 SF, and contains 43 units
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.
