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Spencer Equity signs deal to buy 250-unit Brooklyn, NY, building for $50M

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Spencer Equity signs deal to buy 250-unit Brooklyn, NY, building for $50M

Spencer Equity agreed to buy a 250-unit rental building at 2911 W. 36th St. in Brooklyn, N.Y., from the Orbach Group for $50 million, The Real Deal reported, citing documents filed with the Tel Aviv Stock Exchange.

According to the report, the 20-story building spans 229,865 square feet and sports 259 apartments, along with five retail units.

The property is under a 20-year contract, which expires in 2034, with the Department of Housing and Urban Development under the Section 8 housing program, the publication added.