DAX Real Estate LLC, a New York-based private investment firm, has completed the $7.6M acquisition of 195 and 197 Franklin Street, totaling 12 residential and 3 retail units in Brooklyn, NY.  The buildings are located on the corner of Franklin Street and Green Street in the Greenpoint neighborhood. 

 

According to Daniel Hedaya, Managing Partner of DAX Real Estate, the project needed renovation and repositioning. “This property represents a true value-add opportunity for us. Through the renovation, repositioning of retail, and efficient management of the building, we will be able to increase the value drastically.” The property was owned and occupied by the same family for the past 70+ years.

 

Hedaya continued, “With all the development going on in Greenpoint, we feel very confident that these assets will appreciate tremendously over time. Franklin Street is one of the best retail corridors in the neighborhood and our close proximity to Greenpoint Landing and the waterfront should be attractive for residents and commercial tenants alike. Finally, with each of the buildings being Tax Class 2B, our effective tax rate will continue to decrease as the rents go up in the neighborhood.”

 

DAX Real Estate purchased the property with financing secured by Sterling National Bank.