Robert Morgenstern’s Canvas Investment Partners and Tokyu Land US acquired the 150-unit Azure rental tower at 436 Albee Square, Downtown Brooklyn, for $113M from Joel Gluck’s Spencer Equity. Developed in 2016, the 28-story building has a 421a tax abatement for 12 more years. Spencer Equity co-developed the property with Yoel Goldman’s All Year Management. The deal follows a $105M purchase by Morgenstern and Tokyu of a Gramercy rental complex. Aaron Jungreis and Alex Fuchs of Rosewood Realty brokered the transaction.
Robert Morgenstern’s Canvas Investment Partners
