Developer Marc Freud, principal of Troutbrook Company, has closed on the purchase of a controlling and majority interest in the remaining units in three buildings owned by the Tulman estate.
The majority of the units are located in 855 and 857 Ninth Avenue in Manhattan with the remaining units located in 35 Clark Street, Brooklyn.
According to Freud, the buildings and units will continue to be held as both rentals and , over time, units will be offered for sale. At present, Prudential Douglas Elliman’s Brooklyn and Manhattan offices have listings in both properties for sale.
35 Clark Street is located about five blocks from the Brooklyn Promenade in Brooklyn Heights and 855-857 9thAvenue is located a short distance from Central Park.
Freud commented, “The rental market continues to show strength with rents in the $60 psf range for units in these two buildings.”
The developer noted it was his second deal with the Tulmans. Freud and Larry Tulman originally partnered 10 years ago on the condominium development at 636 Pacific Street in Brooklyn, a site that was subsequently sold for $32 million to Forest City Ratner to make way for the new Barclays Nets Arena.
Troutbrook — who developed and recently opened the first Fairfield Inn and Suites by Marriott, in Brooklyn, six blocks from the soon to be completed arena — said, “I am pleased to be able to again partner with the Tulman family and be given the opportunity to acquire residential properties with strong area demographics.”
The Tulman family has held ownership and interests in several buildings on the west side of Manhattan and has other holdings in shopping centers throughout the North East.
Jonathan S Hacker of Golenbock,Eisman,Assor, Bell and Peskoe LLP and Charles R. Pierce Jr. PC represented the parties in the transaction with assistance from Steven Penn., Esquire