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| Rob Hinckley |
NEW YORK, NY –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $154.25 million sale of
The Addison, a 271-unit, high-rise
multi-housing property in downtown Brooklyn.
HFF represented Waterton
in the sale of the property. Bentall
Kennedy purchased the asset free and clear of existing financing.
Completed in 2011, The
Addison comprises a 26-story and 15-story tower with 65 studio, 117 one-bedroom
and 89 two-bedroom units – a small portion of which are designated affordable
rate – that average 715 square feet.
Additionally, the property has three fully-leased
ground-floor retail storefronts totaling 6,610 square feet and a 109-space,
below-grade parking garage managed by a third party.
The Addison features
contemporary unit finishes such as stainless steel appliances, granite
countertops, washers and dryers in select units and an amenity package,
including laundry facilities, 24-hour door attendant, lounge with fireplace,
fitness center and unobstructed southward views of Boerum Hill.
The property is located
directly above the Hoyt-Schermerhorn subway station (A, C, G lines) at 225
Schermerhorn Street midway between Hoyt and Bond Streets. The Addison is also within a few blocks of an
additional 10 subway lines and the Atlantic Terminal lines.
 |
| Jeff Julien |
Other nearby amenities
include Fort Green Park and multiple retail and dining destinations on Smith
Street, Fulton Street and Atlantic Avenue retail corridors. The property encompasses four tax lots; the
largest two lots are the beneficiary of a 15-year 421-a tax abatement with
approximately nine years remaining, and the smaller two are subject to a
25-year 421-a tax abatement with approximately 19 years remaining.
The HFF investment sales
team representing the seller was led by senior managing director Andrew
Scandalios and managing directors Rob
Hinckley and Jeff Julien along with executive managing director Matthew Lawton.
“The Addison sale
represents one of the first sizable sales transactions of an
institutional-quality multi-housing asset in downtown Brooklyn,” said
Hinckley. “Waterton did an excellent job
in acquiring, completing construction and operating the asset over the last six
years.”
“Even though the property
is already well maintained, we feel the asset has tremendous long-term upside
for the buyer due to its location in an increasingly sizable and transforming
market,” added Scandalios. “There are several ways the buyer may elect to add
value, including adding in additional amenity space via unused lower-level
areas, improving on existing common area configurations and the eventual renovation
of units to appeal to the evolving aesthetic of the Brooklyn market.”
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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