Abraham Fructhandler’s FBE Limited has acquired a development site along the South Brooklyn waterfront in Gravesend from the Gagliano family for $57.5 million. The five parcels allow for the development of 383,301 buildable-square-feet (as-of-right), and are zoned R4 and M1-1.
- Acquisition financing: FBE secured a $32.8 million from Signature Bank to close the deal, TRD reported.
- Addresses include: 1900 Shore Parkway, 1894 Shore Parkway, and Bay 41st Street.
- Other recent activity: Fruchthandler acquired 2001 Story Avenue (AKA 2001-45 Story Avenue) in the Bronx for $88 million last year. The two multi-family properties span a total of 421,833 square feet, and contain 355 apartments. The firm secured a $63 million loan from the same lender – Signature – in that deal.