Canvas Investment Partners and Tokyu Land US have successfully completed the purchase of 436 Albee Square, a multifamily property with 150 units located in Downtown Brooklyn. The seller, Spencer Equity, has officially closed on the $112.8-million deal.
This recent acquisition marks another successful joint venture between Canvas and Toyku Land US in their ongoing efforts to acquire desirable assets throughout Manhattan and Brooklyn. Just weeks ago, they purchased 210-220 E.22nd St. for $104.5 million from PGIM Real Estate as part of this partnership.
The Albee Square transaction was facilitated by Aaron Jungreis and Alex Fuchs from Rosewood Realty Group while Blank Rome’s Samantha Wallack and Ashley Fleishman represented Canvas during the sale process.
According to Robert Morgenstern, founder of Canvas Investment Partners: “This latest acquisition is a perfect fit for our continued collaboration with Tokyu Land US.” He also added that “the property benefits from long-term tax abatement which aligns perfectly with our strategy to acquire high-yield properties using low leverage methods that generate above-market cash flow across our growing portfolio.”
