NEW YORK CITY-Praedium Group has acquired a new construction, luxury residential building at 109 Gold Street in DUMBO from seller Constellation Group, according to data from Real Capital Analytics. The property—located on the corner of Gold and York Streets—sold for $14.5 million, says Massey Knakal Realty Services.
“It is the most sought after asset class in Brooklyn today,” says Stephen Palmese, Massey Knakal director of sales, who exclusively handled the transaction. “There’s been interest from local, national and even international buyers for the idea to acquire properties like this on all fronts.”
The seven-story, 33-unit property features a 15-year 421-A tax abatement and received final certificate of occupancy. It is located two blocks from the F train, and two blocks from the Brooklyn and Manhattan Bridges and the Brooklyn-Queens Expressway.
Praedium, a national real estate investor focusing on middle-market, underperforming and undervalued assets throughout the United States and Canada, owns or has interests in more than 123 properties throughout the five boroughs. Its recent acquisitions, according to RCA, are 538 East 21st Street in Brooklyn, 2034 Sedgwick in the Bronx and Trantor Place on Staten Island.
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