Northeast

RFR Holding and Austrian company Signa Holding GmbH are buying the property for approximately $150 million.

The developers closed on two classic industrial lofts at 42 and 50 Jay St. in DUMBO, Brooklyn to convert them into townhouses, lofts and penthouse units.

Most areas of the state have experienced substantial improvement over the past four years. As of mid-2018, only four counties—Clinton, Putnam, Rockland and Suffolk—had foreclosure rates of more than 1%, while 38 counties and three of New York City's five boroughs had rates below 0.50%.

Flex space has also penetrated the retail, hospitality and multifamily industries.

HFF represented the seller and worked with the buyer in the transaction to secure the acquisition financing from New York Life Insurance Co. Loan proceeds were used to acquire the property and provides additional capital for an upcoming building renovation, HFF reports.

This disruptor should not catch the real estate industry by surprise says the CEO of the transportation information company TransitScreen in a GlobeSt.com interview.