An Israeli developer swooped in to buy a luxury rental complex in Sheepshead Bay.
Aurec Capital — which conducts business in the United States under the Golden Arc moniker — acquired the 105-unit building at 2450 Ocean Avenue in the Brooklyn neighborhood for $52.5 million, Crain’s reported. The seller was Lay Assets, a Brooklyn-based firm.
The seven-story, 95,000-square-foot building is at the corner of Avenue T and Ocean Avenue, sporting an alternate address of 2442 Ocean Avenue. There appear to be two available apartments in the building, according to StreetEasy.
Amenities at the building include a gym, an indoor pool and a yoga room.
Neither company involved in the transaction commented on the deal.
Lay Assets’ Yaacov Azrad filed plans for the mixed-use project in 2017. An LLC managed by Azrad’s partner Eddie Yair purchased the land in February of that year for $10.1 million.
There were several other projects in the neighborhood being developed around the same time and Sheepshead Bay remains of interest to real estate investors.
This year, a group led by ABS Partners’ Randy Modell and Steven Hornstock secured final approvals to construct a nine-story building with 380 units and more than 43,600 square feet of commercial space at 2185 Coyle Street.
In late 2023, Marvin Azrak’s Maguire Capital bought 49 unsold condominium units at Chaim Miller’s former condo project at 3144 Emmons Avenue.Â
And last year, Slate paid $24.3 million to buy a development site at 2114-2134 Coyle Street from Marty Waisbrod, where it was planning to develop a 125,000-square-foot, seven-story building.
Brooklyn’s current rental market is not far removed from its median all-time high of $3,950, set in July 2023. It’s held relatively steady since then, recording a median of $3,850 this July, according to data from Douglas Elliman and Miller Samuel.
— Holden Walter-Warner
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