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Brooklyn’s Chocolate Factory Lofts Sell to Fairstead
Fairstead and Meadow Partners acquired The Chocolate Factory Lofts, a 125-unit converted factory at 275 Park Ave. in Brooklyn’s Clinton Hill neighborhood, for $67.25 million.
Built as a Tootsie Roll factory and converted to residential use in 2002, the property spans the entire southern-facing side of Park Avenue and sits one block from the Brooklyn Navy Yard and the new Wegmans flagship location.
Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the seller.
HWE brought the Clinton Hill property to market on behalf of sellers Brickman and HK Organization this past March, Connect Media reported. The asking price was in the high $60-million range, or about $450 per square foot.
Reportedly the only doorman property within walking distance of the Navy Yard, 275 Park offers a value-add upside along with current income, in that its new ownership can reposition the un-renovated units and add amenities.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
