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Mixed-Use Development Site Acquisition

Cactus Holdings, LLC

Assignment Type: Acquisition
Property: 298 W. 231st Street
Neighborhood: Kingsbridge/ Riverdale
Borough: Bronx
Year: 2021

Bridge represented a family office in the acquisition of 298 W. 231st Street, a 250,000+ BSF mixed-used development site. Bridge sourced the off-market development site and negotiated the transaction for our client, who was in a time restricted 1031 exchange. The site was a former free-standing retail building with parking.

Residential Air Rights Sale

1 Rockwell Owners Assoc./ Rockrose

Assignment Type: Sale
Property: 1 Rockwell Place
Neighborhood: Fort Greene
Borough: Brooklyn
Year: 2020

Bridge represented twenty five individual condominium owners in the disposition of excess residential air rights to Rockrose totaling 115,000 square feet. Rockrose, purchased the adjacent parking garage and is planning a large multifamily development with retail services on the ground floor.

Joint Venture

Family LP/ Double Rock Development

Assignment Type: Joint Venture
Property: 13-17 Lexington Avenue
Neighborhood: Clinton Hill
Borough: Brooklyn
Year: 2020

Bridge represented the fee owner in identifying a development partner and structuring a joint venture agreement for the redevelopment of a 43,000 SF residentially zoned former warehouse.

Industrial Ground Lease

Grand Metro Auto, Inc / MicroGrid

Assignment Type: Ground Lease
Property: 1074 Grand Street
Neighborhood: East Williamsburg
Borough: Brooklyn
Year: 2020

Bridge represented Grand Metro Auto, Inc. in procuring a 30-year lease with MicroGrid for approximately 23,000 square feet of land for the development of a micro energy grid. Grand Metro Auto operated an automotive salvage business on this site for 25 years and merged this operation with another existing location. Bridge initially marketed this property for sale however based on the credit worthiness of the tenant and the appeal of long term cash flow, a lease was ultimately more favorable.

Mixed-Use Ground Lease

EIK Harlem Associates / REEC

Assignment Type: Ground Lease
Property: 2226 3rd Avenue
Neighborhood: East Harlem
Borough: Manhattan
Year: 2020

Bridge represented EIK Harlem Associates in negotiating a 99-year ground lease with Real Estate Equities Corporation (REEC), an NYC based development firm, for 132,456 buildable square feet. EIK Harlem Associates, is a long term multigenerational family office who saw the value of retaining fee simple ownership while allowing a tenant/ developer to capitalize on the East Harlem Rezoning.

Logistics Ground Lease

Grinnel Street Realty Corp. / DH Property Holdings

Assignment Type: Ground Lease
Property: 537-555 Columbia Street
Neighborhood: Red Hook
Borough: Brooklyn
Year: 2019

Bridge represented Grinnel Street Realty Corp in negotiating a 99-year ground lease with DH Property Holdings for the development of an 88,000-square-foot, modern logistics warehouse. Grinnel Street Realty Corp. is a multigenerational family office which operates their business from this location. They have owned the property for forty plus years and were able to generate substantial cash flow by parceling off an underutilized portion of the site while retaining long term ownership.

Multifamily Portfolio Sale

NEBDHCo. / ELH Management

Assignment Type: Sale
Property: NEBHDCo Portfolio
Neighborhood: Bedford Stuyvesant
Borough: Brooklyn
Year: 2019

Bridge represented North East Brooklyn Housing Development Company, a not-for-profit organization with a mission to provide affordable rental housing to low-income residents of Central Brooklyn, in the sale of 22 multifamily buildings and five mixed-use buildings to ELH Management. ELH is an HPD approved affordable housing operator and community developer.


Cornerstone OnDemand

Assignment Type: Advisory
Property: 50 W 23rd Street
Neighborhood: Flatiron
Borough: Manhattan
Year: 2019

Bridge was retained by Cornerstone OnDemand to independently audit their existing lease and determine the potential of subleasing approximately 32,000 RSF of underutilized space. Cornerstone OnDemand® (NASDAQ: CSOD) helps organizations to recruit, train, and manage their people.

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