The Chocolate Factory Lofts at 275 Park Avenue in Brooklyn (Credit: StreetEasy)
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.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
