Glitzy Banner Ave Apartment Building Sold For $39.5M

A residential development on Banner Avenue has changed hands for a second time after a dramatic turnaround under its previous owners.

GFI Capital Resources Group’s Irongate Realty Partners has sold the two adjoined apartment buildings to Hudson Companies for $39.5 million. The company purchased the then-beleaguered site for $17.5 million in January 2012.

Boasting 102 units at 2750 East 12th Street and 1125 Banner Avenue, the buildings began construction in the real estate boom in 2006. When the market tanked construction stalled, and it appeared there was little interest in the condo units that began in the $300,000 range. At the time, one building was 95 percent complete, and the other 70 percent.

Irongate purchased the property, completed the construction and went forward with an upscale, exclusively rental approach. It is now 90 percent occupied.

“GFI’s strategy created an attractive buying opportunity for The Hudson Companies, who saw a rare opportunity to acquire a best-in-class new construction asset with waterfront views in a prime Brooklyn location,” GFI Realty Services’ Yosef Katz said in a statement, reported by the Commercial Observer.

We’re not sure where those waterfront views might be, but it’s nice to see a stalled site reactivated, and turned into what might be one of 2014’s biggest residential real estate deals in the area.