An Israeli developer has acquired a luxury rental building in Sheepshead Bay, Brooklyn. Aurec Capital, operating in the United States as Golden Arc, purchased the 105-unit property at 2450 Ocean Avenue for $52.5 million from Lay Assets, according to Crain’s.
The seven-story building covers 95,000 square feet and is located at the corner of Avenue T and Ocean Avenue. It also uses the address 2442 Ocean Avenue. StreetEasy lists two available apartments in the building. Amenities include a gym, indoor pool, and yoga room.
Neither Aurec Capital nor Lay Assets commented on the transaction.
Lay Assets’ Yaacov Azrad filed plans for this mixed-use project in 2017. The land was bought that February by an LLC managed by Azrad’s partner Eddie Yair for $10.1 million.
Other developments have been active in Sheepshead Bay recently. ABS Partners’ Randy Modell and Steven Hornstock received final approvals this year to build a nine-story structure with 380 units and over 43,600 square feet of commercial space at 2185 Coyle Street. In late 2023, Marvin Azrak’s Maguire Capital acquired 49 unsold condominium units at Chaim Miller’s former condo project at 3144 Emmons Avenue. Last year, Slate paid $24.3 million for a development site at 2114-2134 Coyle Street from Marty Waisbrod with plans for a seven-story building totaling 125,000 square feet.
Brooklyn’s rental market remains strong. After reaching a median rent high of $3,950 in July 2023, prices have stayed steady with a median of $3,850 reported this July based on data from Douglas Elliman and Miller Samuel (https://www.millersamuel.com/reports/).
