Lincoln Properties & Cross Ocean Partners Acquire Office Asset In Downtown Brooklyn For $70M

This leasehold interest pertains to a 650,000 square foot office asset located at 470 Vanderbilt Avenue in Brooklyn. The property was sold for $70,000,000, translating to a price per square foot of $107. The asset is fully leased by the New York City Human Resources Administration and the New York City Housing Authority (NYCHA).

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $70,000,000
• Address: 470 Vanderbilt Avenue
• Market: Brooklyn
• Square Footage: 650,000
• Price Per Square Foot: $107
• Buyer: Lincoln Properties & Cross Ocean Partners
• Seller: RXR
• Seller's Representatives: Doug Middleton & Jack Stillwagon - CBRE

The transaction involved key individuals and companies including representatives from CBRE who facilitated the sale on behalf of the seller RXR. The deal highlights the involvement of multiple stakeholders in a significant office market transaction.