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Brokerage
Posted: April 5, 2016
Vegh of Westwood Realty brokers sale of 550,000 s/f for $161 million; Starwood Capital provides $90 million loan, secures $71 million for development
Steven Vegh, Westwood RealtyBrooklyn, NY Westbrook Partners and RXR Realty closed on the purchase of 47 Hall St., a 550,000 s/f property south of the Brooklyn Navy Yard, for $161 million. Barry Sternlicht’s Starwood Capital Group is acting as the lender on the deal. Starwood provided a $90 million acquisition loan and secured another $71 million for redevelopment costs.
The transaction, which closed for $300 per s/f, is one of the bigger investment sales deals in the borough.
The sellers comprise a partnership including Rubin Schron’s Cammeby’s International and Bruce Federman.
Westwood Realty Associates’ Steven Vegh was the sole broker on the sale transaction. 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.
47 Hall Street - Brooklyn, NY
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