{"id":1004228103,"date":"2018-05-07T06:15:50","date_gmt":"2018-05-07T14:15:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004228103"},"modified":"2022-12-06T12:16:53","modified_gmt":"2022-12-06T20:16:53","slug":"boricua-college-in-brooklyn-sells-for-31m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/","title":{"rendered":"Boricua College in Brooklyn Sells for $31M"},"content":{"rendered":"<p>By Beata Lorincz<\/p>\n<div id=\"attachment_1004228115\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/?attachment_id=1004228115\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004228115\" data-attachment-id=\"1004228115\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/boricua-college-in-brooklyn-n-y\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\" data-orig-size=\"1424,1068\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS REBEL T2i&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1489073768&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;14&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Boricua College in Brooklyn, N.Y.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Boricua College in Brooklyn, N.Y.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg?w=1024\" class=\"wp-image-1004228115 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg 1424w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004228115\" class=\"wp-caption-text\">Boricua College in Brooklyn, N.Y.<\/p><\/div>\n<p>Developer David Dweck has purchased Boricua College, a three-building ensemble in Williamsburg, for $31.1 million. The property encompasses two adjoining tax lots along with the buildings, which will be delivered vacant, allowing for a possible conversion into a luxury residential development.\u00a0Boricua College was the seller in the deal, which was brokered by Cushman &amp; Wakefield.<\/p>\n<p>The asset is located at 186 N 6<sup>th<\/sup> St., one block away from the Bedford Avenue metro station. The 68,735-square-foot property includes a main school building, a gymnasium and a four-level multifamily building.<\/p>\n<p>Cushman &amp; Wakefield\u2019s team representing the seller included Guthrie Garvin, Brendan Maddigan, Ethan Stanton, Michael Gembecki and Alexander Ball. Gideon Gil, executive director in Cushman &amp; Wakefield\u2019s Equity, Debt and Structured Finance team, arranged a senior stretch financing facility of $30 million for a $36 million budget scope, with G4 Capital Partners as the lender.<\/p>\n<p><em>\u201cThis unique three-building offering in a tier-one location appealed to an array of end-users, investors, charter schools and, of course, developers. We were pleased to be able to execute at a high-level for a very important non-profit client, Boricua College,\u201d<\/em> said Garvin, in a prepared statement.<\/p>\n<p><strong><em>\u201c<\/em><\/strong><em><a href=\"https:\/\/www.commercialsearch.com\/news\/creative-office-redevelopment-rising-in-brooklyn\/\">Large building conversions<\/a> in a great location are very rare in Brooklyn, as shown by the nearly 75 seriously interested developers who pursued this highly sought-after opportunity,\u201d<\/em> Maddigan added<strong>, <\/strong>in prepared remarks.<\/p>\n<p>Mixed-use developments are popping up in Williamsburg, with CW Realty <a href=\"https:\/\/www.commercialsearch.com\/news\/brooklyn-mixed-use-development-lands-78m-loan\/\">recently securing financing<\/a> for a 140,000-square-foot project nearby at 187 Kent Ave.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &amp; Wakefield arranged the sale of the vacant, three-building asset in Williamsburg, which can be converted into a mixed-use development with luxury apartments.<\/p>\n","protected":false},"author":739,"featured_media":1004506751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21752,1600,21742,10],"tags":[32799],"class_list":["post-1004228103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-mixed-use","category-new-york","category-latest","category-northeast","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boricua College in Brooklyn Sells for $31M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boricua College in Brooklyn Sells for $31M\" \/>\n<meta property=\"og:description\" content=\"Cushman &amp; Wakefield arranged the sale of the vacant, three-building asset in Williamsburg, which can be converted into a mixed-use development with luxury apartments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-07T14:15:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T20:16:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1424\" \/>\n\t<meta property=\"og:image:height\" content=\"1068\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/\",\"name\":\"Boricua College in Brooklyn Sells for $31M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\",\"datePublished\":\"2018-05-07T14:15:50+00:00\",\"dateModified\":\"2022-12-06T20:16:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Boricua-College-in-Brooklyn-N.Y.-e1525697934902.jpg\",\"width\":1424,\"height\":1068},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boricua-college-in-brooklyn-sells-for-31m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Boricua College in Brooklyn Sells for $31M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. 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