Marvin Azrak, investors seal deal for Chaskiel Strulovitch’s Brooklyn portfolio

The purchase of a key piece of Chaskiel Strulovitch’s portfolio finally closed, ending one of Brooklyn’s most combative real estate tussles in recent memory. Facing foreclosure from hardball lender Maverick Real Estate Partners, Strulovitch put 31 buildings into Chapter 11 bankruptcy in 2019. He was able to save most of them with costly refinancing from Marvin Azark’s Maguire Capital, a New York-based lender. But nine properties slipped away, and after a contentious auction, Maguire eventually

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Townhouse set to smash Fort Greene price record

A Fort Greene passive house is about to break the neighborhood sales record just a few months after it was set. The renovated townhouse at 6 South Oxford Street, a stone’s throw from Fort Greene Park, went into contract last month for roughly $1 million over the $7 million asking price, according to Compass’ Christine Blackburn, who listed the property with her business partner Lior Barack. It was on the market for barely a week.

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Bushburg, Moinian snag $105M loan for East New York luxury project

Bushburg and the Moinian Group have secured a $105 million construction loan for their mixed-use residential project in East New York. The loan, provided by Valley Bank and Cross River Bank, will help the developers finish their 14-story, 320-unit renovation of a landmarked former dairy factory. The project, at 2840 Atlantic Avenue, will also bring a 52,000-square-foot community space and 14,000 square feet of retail to the neighborhood, one of New York’s least developed areas.

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Jumbo Dumbo condo claims top Brooklyn contract

Eight years ago, Alloy Development filed for permits to build a waterfront condominium at 1 John Street, a joint effort with Monadnock Development. Since then, units from the project have made many appearances atop the weekly report by Compass of luxury Brooklyn homes to go into contract. Last week it happened again as a purchase agreement was signed for Unit 9B, asking $5.5 million. It’s not quite the 3,600-square-foot penthouse that might have been the

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Rabsky Group scores $92M loan for big Gowanus project

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group scored a $92 million construction loan for a large mixed-use project in Gowanus as developers continue to flock to the recently rezoned Brooklyn neighborhood. The Brooklyn-based developer secured the loan for its project at 313-315 Bond Street — where it plans a 526,000-square-foot building — from G4 Capital, according to a person familiar with the matter. Henry Bodek of Galaxy Capital brokered the transaction. Rabsky bought the property

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Vice scraps move to Rudin’s Dock 72

Vice Media will remain in its 77,000-square-foot Williamsburg office digs and not move to Rudin Management’s Dock 72 as had been expected. Vice has renewed its lease with WEB Holdings LLC, the owner of 289 Kent Avenue, where it has been headquartered since 2014. The renewal is for only four years, providing time for Vice to figure out its future needs. The Kent Avenue offices are a combination of two buildings on three floors where

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Passive house asking $15M tops Brooklyn contracts

An eco-friendly 19th-century townhouse was the most expensive home to go into contract in Brooklyn last week. The seven-bedroom home at 37 Sidney Place in Brooklyn Heights was asking just under $15 million, according to Compass’ weekly report on luxury home sales in the borough. Dating to 1899, according to city records, the 7,000-square-foot Greek Revival-style house has a landscaped garden, two terraces, an elevator servicing its six floors and 11.5-foot ceilings. Newly renovated to

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Mighty Midwood bookends top outer-borough loans

Brooklyn dominated the list of April’s 10 largest real estate loans in the outer boroughs, with six projects fetching $361 million in proceeds. The 10-loan total of $675 million represented a drop from the previous month’s $1.03 billion and from April 2021’s $830 million. An acquisition loan used by the Dermot Company to purchase an apartment building in Midwood topped the list at $108 million. The humble neighborhood also captured the 10th spot with a

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Life Time takes 100K sf in JDS’ Brooklyn Tower

Michael Stern’s JDS Development landed the tenant of a lifetime at Brooklyn’s first supertall. Life Time signed a lease for more than 100,000 square feet at Brooklyn Tower, the 1,066-foot, 93-story skyscraper at 9 DeKalb Avenue. The health club brand and the developer announced the lease on Wednesday. Life Time will operate a fitness experience that includes studios for barre, cycle, group fitness, Pilates, and yoga, a fitness floor, a recovery space with chiropractic services,

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NYC rents soar as Covid deals die

Rents in New York soared so high in April that even discounted leases hit new heights. Net effective median rent on a unit with concessions in Manhattan hit a new high last month at $3,870, according to a monthly report by appraisal firm Miller Samuel for Douglas Elliman. The price point marks the highest annual surge rate on record — nearly 39 percent above April 2021 levels. That increase comes as so-called Covid deals that

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