Glacier Equities, a vertically integrated investment firm, has purchased 10 Grand Avenue, a mixed-use building in Brooklyn that consists of 40 residential units and 14 commercial spaces. The sales price was $17.2 million. The 85,000-square-foot building, whose residential component is currently 68 percent occupied, is located south of the Brooklyn Navy Yard. Fortress Investment Group provided acquisition financing to Glacier Equities, which plans to invest about $6 million in capital improvements. Zach Redding and John Barney of B6 Real Estate Advisors brokered the sale of the property. Dylan Kane, also with B6 Real Estate Advisors, arranged the debt.
James Nemeroff was hired at B6 Real Estate Advisors last month as an associate director. He’s working alongside managing director Dylan Kane and senior director Zachary Redding. Nemeroff was previously a vice president at Thylan Associates of New York, where he worked on acquisition underwriting and other duties. He also has worked at Strat Development and Madison Realty Capital, both of New York.
Okada led an acquisition group that includes Francis Leung of Okada & Company. Okada, who owns the retail at 148 West 24th Street ,had been negotiating to purchase the property since 2015. The brokers on the transaction were Bob Knakal and Jonathan Hageman of JLL representing the seller with Brock Emmetsberger and Cameron Stafford of B6 Realty Advisors representing the purchasers. A $15 million debt package was provided by Jason Behfarin’s G4 Capital Partners, with borrower representation by Emanuel Westfried and Jonathan Bodner of Two Bins Capital.
Congratulations to Alix Curtin and Mitchel Flaherty on being recognized as 2021 young professionals by Commercial Observer.