Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Cross Border News  + Canada + Ontario  + Multi-residential Housing  | 
Canada's H&R REIT has purchased a 75% stake in a large multi-residential development site in Brooklyn, N.Y. for US$76.5 million, according to multiple published reports.

H&R Acquires Majority Ownership of Brooklyn Multi-Res Site: Reports

Canada’s H&R REIT has purchased a 75% stake in a large multi-residential development site in Brooklyn, N.Y. for US$76.5 million, according to multiple published reports.

H&R acquired majority ownership from All Year Management, which has retained a 25% interest.

A former gas plant, the property is located at 459 Smith Street along the Gowanus Canal. Plans call for a 360-unit residential complex ranging from eight to 25 storeys.

Construction began in 2022 but All Year has struggled with debt that it could not repay. All Year bought the site for US$48 million in 2017.

Public records indicate that Fairfax Associates took over a loan from Vichar on the day of the sale to H&R.

The REIT could develop up to 723,742 square feet of residential units and 12,773 sf of retail spaces along with 33,000 of public waterfront access. H&R has not commented on the reports.

Connect

Inside The Story

H&R REIT

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
New call-to-action