By Drew Smith
Taurus Investment Holdings, LLC
has acquired the former Standish Arms Hotel in Brooklyn,
N.Y.
, for $50 million from the Watchtower Bible and Tract Society - a Jehovah's Witness group.
The 12-story residential building is located at 169
Columbia Heights
and consists of 74,000 square feet and 128 units. Taurus plans to invest in minor renovations to the interior of the building and reposition it as a full-service residential property with high-end rentals.
The acquisition was financed by Commerce Bank and represents Taurus' first acquisition in the
New York
market. The Watchtower Society, a New York-based non profit group, has owned the landmark building since 1981 and used it for residential purposes for their personnel, according to The Brooklyn Eagle
.
There was no brokerage information available for the transaction.
Address:
169 Columbia Heights,
Brooklyn, N.Y.
Size:
128 units/74,000 square feet
http://www.crefeed.com
|
