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Brooklyn Creative Office Conversion Nabs Funding

NEW YORK CITY—The $58 million first mortgage loan will go toward repositioning 630 Flushing Ave., which one served as the headquarters, laboratory and warehouse of Pfizer.

By Rayna Katz | Updated on October 01, 2015

NEW YORK CITY—Square Mile Capital Management has originated a $58 million first mortgage loan for a 575,000-square-foot Brooklyn property being modernized and repositioned for creative/technology tenants. The borrower is Acumen Capital Partners and CBRE SVP Jason Gaccione brokered the transaction.  

The eight-story building, located at 630 Flushing Ave.—which at one time served as headquarters along with laboratory and warehouse facilities for pharmaceutical giant Pfizer—was fully vacant when acquired by Acumen in 201l.  The firm has been converting the property, which was built in 1849 which sits on a 7.8-acre full-block site, for a new generation of Brooklyn-based space users. Occupancy has reached approximately 50%, with tenants that include Pratt Institute, SoulCycle and Roberta’s Pizza.  In the meantime, the property also has been leased regularly in recent years for production of films, television shows and commercial advertising along with prop and equipment storage.    

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