NEW YORK CITY—Thor Equities has closed on the acquisition of 180 Livingston St., a 257,000-square-foot mixed-use property in Downtown Brooklyn. The developer paid $136 million for the asset, GlobeSt.com has learned.

The 257,000-square-foot building was comprised of two separate commercial condominiums with shared common areas.The property reportedly offers large, open floorplates, a center core design and approximately 142,500 square feet of excess development rights that Thor acquired in the sale.

The top four-floors of the six-story property was sold by Treeline for $85 million. Cushman & Wakefield’s Steve Palmese represented the seller. Brooklyn Tabernacle sold the lower unit—which includes retail and office space—for “an undisclosed price,” according to representatives. However, based on Thor’s figures, this latter portion would have been valued at $51 million.

A Cushman equity, debt & structured finance team of Dave Karson, Alex Hernandez, Sridhar Vankayala and Andre Hass arranged $90 million of the acquisition financing on behalf of Thor affiliate. The floating rate financing was provided by TPG Real Estate Finance Trust.

“180 Livingston is ideally situated in the heart of Brooklyn’s largest business district and surrounded by such dynamic neighborhoods as DUMBO, Brooklyn Heights, and the Brooklyn Navy Yard,” says Thor CEO Joseph Sitt. 

Adds Michael Schor, CIO of Treeline, “We were able to redevelop this underutilized former retail warehouse to a fully mature office asset over the last decade. While we will continue to be active value-add investors in the market, as evidenced by our recent acquisition and repositioning of 195 Montague St., we felt it was the opportune time to capitalize on current market pricing to redeploy our capital into more opportunistic deals in the market.”

“The property is across the street from Macy’s flagship redevelopment on a bustling and convenient corner in Downtown Brooklyn,” says Karson, a Cushman & Wakefield executive managing director. “Thor and TPG recognized the outstanding retail play as well as the growing office demand and structured a flexible solution to allow the acquisition of multiple condominium units and the subsequent potential collapse of that condo association to maximize value to the owner.”

Located in Downtown Brooklyn and in the Brooklyn Tech Triangle, the property offers access to a number of subway and bus lines, the LIRR, the Barclays Center and the Brooklyn federal, state and municipal courts. The six-story, Class A office and retail building features 200 feet of block-through frontage to Schermerhorn Street between Smith and Hoyt Streets. It sits one block south of Fulton Mall, which averages more than 100,000 shoppers a day.

MetroTech Center, educational institutions and government agencies also are nearby, as are some of the city’s biggest planned developments, including City Point, Pacific Park and the BAM Cultural District.

Thor Equities owns additional properties in several Brooklyn markets, including Williamsburg, Boerum Hill, Cobble Hill, Brooklyn Heights, Red Hook and Coney Island.