Fairstead and Meadow Partners have acquired Brooklyn, New York-based The Chocolate Factory, a 125-unit converted factory. The purchase price was for $67.25 million.
BROOKLYN, N.Y., Nov. 1, 2019 /PRNewswire/ — Fairstead and Meadow Partners today announced the acquisition of The Chocolate Factory Lofts, a 125-unit converted factory at 275 Park Avenue in Brooklyn, for $67.25 million. The former Tootsie Roll factory spans the entire southern-facing side of Park Avenue and sits one block from the Brooklyn Navy Yard and the new Wegmans flagship location. Daniel Parker, Paul Gillen and Kyle van Buitenen of Hodges Ward Elliott represented the seller.
Fairstead is a socially responsible real estate investor, developer, owner and operator specializing in affordable, mixed-income, and market-rate housing. Fairstead utilizes a purpose-driven, innovative approach and has acquired, developed or preserved nearly 300 buildings comprised of over 15,000 units since inception. Fairstead currently owns 11,000 affordable, mixed-income and market-rate rental units across 14 states. www.fairstead.com.
About Meadow Partners
Meadow Partners is a private real estate investment firm based in New York City and London that manages a series of closed-end private equity funds and separate accounts on behalf of institutional investors. The firm specializes in middle-market transactions in all sectors and across the risk spectrum. Since inception, Meadow Partners has invested over $1.5 billion of equity and has acquired more than $5 billion of real estate assets in its target markets of New York City, Washington, D.C., London, and Paris. Meadow Capital Management LLC is registered with the SEC as a Registered Investment Adviser.