Atlas Capital Group Drops $202M On Downtown Brooklyn Tower
Just two years after KKR bought 80 Dekalb Ave., the Downtown Brooklyn tower has traded hands again.
Atlas Capital Group acquired the 36-story multifamily property for $202.5M, The Real Deal reported. KKR, in partnership with Dalan Management, spent $190M to buy the building from Brookfield Properties in 2022.
Atlas confirmed the sale in a statement but didn't disclose the terms of the deal. The building, on the border of Downtown Brooklyn and Fort Greene, has 365 apartments, 4,900 SF of retail space and a 126-space parking garage.
The building’s amenities include a fitness center, a playroom and concierge service. It is fully occupied, according to Atlas.
The purchase is the investment firm’s second building acquisition in Brooklyn. In 2021, Atlas acquired The Denizen, a multifamily project in Bushwick.
“We’re pleased to continue to invest in New York City by expanding our Brooklyn residential portfolio with 80 Dekalb Avenue,” an Atlas representative said in a statement.
80 Dekalb Ave. was developed by Forest City Ratner in 2007, prior to Brookfield’s acquisition of Forest City Realty Trust. Since then, the area has caught the attention of many other developers.
In 2017, Brooklyn's first supertall at 9 Dekalb Ave. broke ground, though JDS Development was forced to concede the tower to Silverstein Properties this summer to dodge a foreclosure auction.
Other developers have continued to piece together land to build more in the neighborhood. In August, The Jay Group paid $63M for two sites across from its 21-story mixed-use residential building that is in the works, Bisnow reported.
Meanwhile, at 80 Clarkson St. in Manhattan’s West Village, Atlas is co-developing a two-tower luxury condominium project with 100 residential units. Earlier this year, its partnership with Zeckendorf Development and Baupost Group reportedly secured a $985M construction loan for the project.
