NEW YORK, NY – HFF announced today that it has closed the $14.225 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood.
HFF marketed the asset on behalf of the seller, Second City Real Estate. Caton Acquisition Partners, LLC purchased the asset free and clear of existing debt. HFF previously assisted the seller in securing financing for the property in January 2014.
2217 Caton Avenue is located at the intersection of Caton and Bedford Avenues, approximately four blocks from the Church Avenue subway station. Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units that are 97 percent leased and 2,698 square feet of ground floor retail space, which is fully occupied by a local daycare center. The property is near Prospect Park and benefits from a 421-a and ICIP tax abatement.
The HFF investment sales team was led by managing directors Rob Rizzi and Jeff Julien, associate director Rob Hinckley and real estate analyst Steven Rutman.
“Second City Real Estate executed an exceptional repositioning strategy, getting into a prime Brooklyn neighborhood early in the cycle, substantially improving the asset’s operations and creating impressive increases in profitability and ultimately value,” said Rizzi.
About Second City Real Estate: Second City Real Estate (Second City) concentrates on office and multifamily properties located in mid-sized markets with strong economic fundamentals. Second City seeks unique opportunities where reinvestment, repositioning and intensive asset management will generate a material increase in profitability. Across its platform, Second City’s portfolio includes more than 4.5 million square feet of office properties, 4,500 multifamily units and 330 acres of development land.
About Caton Acquisition Partners, LLC: Caton Acquisition Partners, LLC is a privately held real estate firm with assets in New York and New Jersey.
About HFF: HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.