Investors Mordechai Spira And David Katz Pick Up 72-Unit BedStuy Rental Building For $52.4M
The Chetrit Group and the estate of developer Henry Zilberman sold a 72-unit rental building at 756 Myrtle Ave (pictured) in Bedford-Stuyvesant to investors Mordechai Spira and David Katz for $52.4M.
Mordechai and David received a five-year, $34M acquisition loan from Investors Bank with a 3.25% fixed rate. The financing was brokered by Meridian Capital Group.
After buying the parcels in 2004 for $2.4M, Chetrit and Zilberman developed the six-story, 107k SF property—known as MYNT—in 2007 with Larry Gluck’s Stellar Management, but were forced to lease the units as rentals during the recession. Stellar owned no stake in the property at the time of the sale, The Real Deal reports.
The building’s 17k SF commercial component houses a Duane Reade and a 48-space parking garage. The major force behind Long Island City’s Z Hotel, Zilberman passed in 2014. [TRD]
