United Realty Trust Incorporated, a real estate investment trust, today announced its acquisition of Tilden House, a 117-unit homeless shelter in Brooklyn, for $22.9 million in a joint venture with the property’s seller, an entity called Tilden LLC.
The nine-story building, located at 2520 Tilden Avenue in East Flatbush, has 86,360 rentable square feet, according to the New York City-based United.
The space is leased to an unnamed community development corporation, which has an agreement with the city to provide transitional housing to families in need.
Jacob Frydman, United’s CEO and chairman, described the building in a statement as “a stabilized income-producing property with an inflation-protected underlying lease.”
“We believe that with this acquisition, United Realty Trust has shown itself able to identify and acquire off-market transactions in its primary market area, and to structure these transactions is a way that we believe will benefit our investors,” said Eli Verschleiser, President of United Realty Trust.
The property includes 74 studios and 43 one-bedroom units. It was constructed in 2007. Tilden House also comes with indoor and outdoor parking, and a community facility space. —Zachary Kussin