NEW YORK CITY—David Dweck has purchased the property of Boricua College located at 186 N. 6th St. in Williamsburg, Brooklyn for $31.1 million. The sale included two adjoining tax lots comprising three brick buildings: a main school building, a four-story multifamily building and a gymnasium. The property in its entirety will be delivered vacant.
The buildings together have a gross floor area of 68,735 square feet and allow unique restructuring as each asset differs in configuration and size. The five-story main building which has an elevator consists of classrooms, storage, offices, a library, cafeteria and a bookstore. On the same lot stands a four-story multifamily building with 25 feet of frontage on N. 5th Street and six residential units. This lot also has off-street parking. The third structure is a three-story, 20,696 square-foot gymnasium with frontage along Driggs Avenue. It holds five labs, a library and three additional classrooms.
The Cushman & Wakefield team of Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball represented Boricua College in the transaction. David Dweck, the buyer, is an EVP at KSR Capital.
“This unique three-building offering in a tier one location appealed to an array of end-users, investors, charter schools and, of course, developers. We were pleased to be able to execute at a high level for a very important non-profit client, Boricua College,” says Garvin.
Founded in 1974, Boricua College is a private four-year, bilingual, higher education institution with approximately 1,200 enrolled students. It focuses on strengthening Latino culture using a bilingual, bicultural approach. The college is chartered by the New York State Board of Regents, and accredited by the Middle States Commission on Higher Education.
Boricua maintains three campuses: in Manhattan at 3755 Broadway, in the Bronx at 890 Washington, and in Brooklyn at 9 Graham Ave.
Cushman & Wakefield notes the property presents a rare opportunity for conversion to a luxury residential property. Nearly 75 seriously interested developers pursued the opportunity, according to Maddigan.
Gideon Gil, executive director in Cushman & Wakefield's equity, debt and structured finance team, served as the exclusive advisor in arranging a senior stretch financing facility in the amount of $30 million for a $36 million budget scope. The lender was G4 Capital Partners.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
