Fairstead and Meadow Partners Acquire Brooklyn Lofts for $67M
The pair paid $67.25 million for the asset located at 275 Park Ave., spanning the southern facing side.
NEW YORK CITY – Real estate investment firms Fairstead and Meadow Partners have partnered for the first time to acquire a 125-unit loft building, dubbed The Chocolate Factory Lofts because the property formerly served as a Tootsie Roll factory. The pair paid $67.25 million for the asset located at 275 Park Ave., spanning the southern facing side.
Hodges Ward Elliott represented sellers HK Organization and Brickman Real Estate, who paid $68 million for the seven-story property located one block away from the Brooklyn Navy Yard in 2014, at the height of the housing market.
Fairstead and Meadow plan to renovate the building’s common areas and apartments, which became free-market after the property’s J-51 tax exemption expired last year, according to news reports.