NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces the $19 million sale of and $9 million financing for The Atlantic Stamp Building, an eight-story, 26-unit boutique residential property in Brooklyn, New York.
The HFF team comprising managing directors Jeff Julien and Rob Hinckley and director Steven Rutman represented the seller, an affiliate of Zurich North America (advised by Zurich Alternative Asset Management), and procured the buyer, Twining Properties. Zurich’s in-house team, including Chris Edgar, director of Multifamily Acquisitions and Sean Bannon, managing director and head of U.S. Real Estate, represented Zurich in the disposition. Twining Properties acquired the property on behalf of one of its clients. Twining’s acquisition efforts were led internally by Ed Rotter and Brian Hong.
Additionally, working on the buyer’s behalf, HFF’s debt placement team, which included senior director Geoff Goldstein and director Rory Shepard, secured an acquisition loan through Principal Global Investors.
The Atlantic Stamp Building is located at 307-309 Atlantic Avenue between Smith and Hoyt Streets at the convergence of four highly sought-after Brooklyn neighborhoods – Boerum Hill, Downtown Brooklyn, Cobble Hill and Brooklyn Heights. The property comprises 26 studio, one- and two-bedroom apartment units and 3,544 square feet of ground-floor retail. Completed in 2010, The Atlantic Stamp Building offers unparalleled access to transportation via 10 nearby subway lines (A, C, F, B, 2, 3, 4, 5, Q and R), panoramic rooftop views of Brooklyn and Manhattan and best-in-class unit finishes, including stainless steel appliances, Miton cabinetry, granite countertops, Toto/Kohler bathrooms and Italian porcelain tile.
Holliday Fenoglio Fowler, L.P. is a New York licensed real estate broker.
About Zurich: Zurich Alternative Asset Management (“ZAAM”) is the alternative investment adviser to Zurich North America and its affiliates (“Zurich”) that is responsible for the group’s hedge fund, private equity and U.S. real estate investments. The ultimate parent of Zurich is a publicly traded firm, one of the world’s largest insurance companies. Zurich’s directly owned portfolio in North America is comprises more than 200 properties in 30 states, aggregating more than 20 million square feet of commercial real estate space. The program focuses on core investments, targeting stabilized office, retail, multifamily and industrial assets in 20 major U.S. markets and has invested approximately $1.4 billion over the past 48 months.
About Twining Properties: Twining Properties is a real estate company focused on acquisitions, development, and asset management of urban mixed-use properties. The company focuses on core, value-add, and opportunistic investments on transit nodes along the Northeast Corridor from Boston to New York City to Washington, D.C. Twining Properties takes a multi-faceted approach, integrating conservative investment strategies and disciplined execution with insights into design, construction, sustainability and marketing to deliver exceptional risk-adjusted returns for institutional investors and high-net-worth individuals. For more information, visit www.twiningproperties.com.
About HFF: HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.