Westbrook Partners and RXR Realty closed on the purchase of 47 Hall Street, a 550,000 s/f property just south of the Brooklyn Navy Yard, for $161 million.
Barry Sternlicht’s Starwood Capital Group is acting as the lender on the deal, sources said. Starwood provided a roughly $90 million acquisition loan and secured another $71 million for redevelopment costs. The transaction, which closed for north of $300 psf, is one of the bigger investment sales deals in Brooklyn.
The sellers are a partnership including Rubin Schron’s Cammeby’s International and Bruce Federman.
Westwood Realty Associates’ Steven Vegh, who was the sole broker on the sales transaction, confirmed the sale but declined to comment further.
Sources said the partners are planning to convert the property into Class-A office space for tech and creative tenants.
The total project cost, including the acquisition and redevelopment, is said to be close to $290 million.
The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,500 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of June 30, 2019. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.