{"id":17818,"date":"2017-12-28T19:54:24","date_gmt":"2017-12-29T00:54:24","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/brooklynbuzz\/pitkin-avenue-theatre-building-in-brownsville-sells-for-53-million\/"},"modified":"2017-12-28T19:54:24","modified_gmt":"2017-12-29T00:54:24","slug":"pitkin-avenue-theatre-building-in-brownsville-sells-for-53-million","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/brooklynbuzz\/pitkin-avenue-theatre-building-in-brownsville-sells-for-53-million\/","title":{"rendered":"Pitkin Avenue Theatre Building in Brownsville Sells for $53 Million"},"content":{"rendered":"

Original Media Source: The Real Deal<\/a><\/p>\n

photo credit: Cinema Treasures<\/em><\/p>\n

According to The Real Deal, Shulem\u00a0Herman paid $53 million for\u00a01501 Pitkin Avenue, a six-story, 164,000-square-foot property that\u2019s home to Brownsville Ascend Lower School and once housed the historic Loew\u2019s Pitkin Theatre.<\/p>\n

The elementary charter school\u2019s lease doesn\u2019t expire for more than 20 years. The school, which opened in 2012, occupies 152,000 square feet of the building; Subway, Dollar Tree and Pizza Hut lease the rest.<\/p>\n

At $53 million, the deal appears to be most expensive single-building transaction the\u00a0working-class Brooklyn<\/a>\u00a0neighborhood has ever seen. There have, however, been portfolio deals with a larger price tag. In 2014, L+M Development Partners acquired a 625-unit affordable housing complex in the neighborhood\u00a0for nearly $100 million<\/a>.<\/p>\n

Herman, a Brooklyn investor who controls the entities Pitkin Terrace LLC and Herman Holdings LLC, plans to keep the property largely as is, given that all the leases are long term.<\/p>\n

The seller was POKO Partners, a Port Chester-based affordable housing developer, which was led by Kenneth Olson until he died last month. His brother Rich Olson now runs the firm.<\/p>\n

POKO acquired the property in 2008 for $8 million in partnership with the current owners, and invested $43 million to redevelop it over the next several years.<\/p>\n

\"\"\u201cAfter many years of vacancy and neglect, the seller, POKO Partners, brought life back to this majestic property by building an incredible education facility that serves almost 1,000 public school students,\u201d said TerraCRG\u2019s Matthew Cosentino, who brokered the deal with colleagues Ofer Cohen, Dan Marks, Fred Bijou and\u00a0Eric Satanovsky.<\/p>\n

The brokers confirmed the deal, but declined to comment on the buyer.<\/p>\n

Two months prior to the closing, a New York State Supreme Court judge tossed a lawsuit involving POKO and independent broker Jeffrey Kinzler. Kinzler claimed in a 2016 suit that POKO never paid his full commission on the 2008 purchase. When he initially sued POKO in 2013, the parties settled, but Kinzler claimed the owner defaulted on part of the commission.<\/p>\n

Herman saw his recent attempt to\u00a0acquire a Williamsburg development site<\/a>\u00a0next to the Domino Sugar factory redevelopment thwarted. After filing two lawsuits over the botched deal, real estate firm\u00a0Flank closed last year<\/a>\u00a0on the $36.2 million purchase from taxi company owner Bruce Terzano.<\/p>\n

Herman\u2019s holdings include several multifamily buildings in Crown Heights at 643 Prospect Place, 1046 Bergen Street and 666 Park Place, records show. He could not be reached for comment.<\/p>\n

Elsewhere in the neighborhood, Omni New York bought the Newport Gardens complex for $27.5 million last year, and Brisa Builders is developing a two-building, 512-unit complex on a site it bought for $12.6 million.<\/p>\n

Content Distributed by\u00a0<\/strong><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Original Media Source: The Real Deal photo credit: Cinema Treasures According to The Real Deal, Shulem\u00a0Herman paid $53 million for\u00a01501 Pitkin Avenue, a six-story, 164,000-square-foot property that\u2019s home to Brownsville Ascend Lower School and once housed the historic Loew\u2019s Pitkin Theatre. The elementary charter school\u2019s lease doesn\u2019t expire for more than 20 years. The school, […]<\/p>\n","protected":false},"author":5893,"featured_media":17819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2717,47],"tags":[],"class_list":["post-17818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bk-news","category-real-estate"],"yoast_head":"\nPitkin Avenue Theatre Building in Brownsville Sells for $53 Million - Brooklyn News and Events<\/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:\/\/nycnewsnetwork.com\/brooklynbuzz\/pitkin-avenue-theatre-building-in-brownsville-sells-for-53-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pitkin Avenue Theatre Building in Brownsville Sells for $53 Million\" \/>\n<meta property=\"og:description\" content=\"Original Media Source: The Real Deal photo credit: Cinema Treasures According to The Real Deal, Shulem\u00a0Herman paid $53 million for\u00a01501 Pitkin Avenue, a six-story, 164,000-square-foot property that\u2019s home to Brownsville Ascend Lower School and once housed the historic Loew\u2019s Pitkin Theatre. 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