GDC Properties, a developer and investor in the New York tri-state area, has acquired a 30-unit apartment building in Brooklyn’s Carroll Gardens neighborhood for $24.1 million, according to city records made public Wednesday.
GDC Properties, through the entity SG Group Owner, bought the five-story property at 335 Carroll Street from investment management firm Solon Mack Capital, which used the entity SMRE Carroll Street, records show. The price per square foot was $816.
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Christine McWalters, chief financial officer at GDC Properties, signed the deal for the buyer, while Stephen Mack, a co-founder of Mack Real Estate Group, signed for the seller, according to records. Solon Mack Capital is the family investment office of Mack Real Estate Group.
JLL’s Ethan Stanton, Brendan Maddigan, Michael Mazzara, Jeffrey Julien, Steven Rutman and Rob Hinckley brokered the sale for both sides.
Mack Real Estate Group declined to comment, while spokespeople for JLL and GDC Properties did not immediately respond to requests for comment.
The sale comes at a bit of a discount from the $27.2 million Solon Mack Capital bought the property for in 2016, property records show.
Current rents at the apartment building midblock between Bond and Hoyt streets are $3,208 per month for a studio, $6,300 per month for a one-bedroom, $6,999 per month for a two-bedroom and $8,250 per month for a three-bedroom, according to StreetEasy.
It’s unclear what GDC Properties plans to do with its new apartment building, but the developer has been active in new residential developments in Long Island City, Queens.
In 2019, GDC Properties secured a $75.6 million loan for its four-story townhouse rental development at 11-15 46th Avenue, which was completed in recent years, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
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