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Brooklyn, NY, petroleum facility trades for $62M

A Two Trees Management Co. LLC-linked entity paid $62 million to purchase a Greenpoint petroleum facility in Brooklyn, N.Y., from Zenith Energy, The Real Deal reported.

According to the Oct. 10 report, Zenith Energy has leased back 25 Paidge Avenue under a 25-year agreement. The company had picked up the site as part of a $406 million deal with Arc Terminals in 2017.

The buyer is funding the acquisition using a $36 million loan from Signature Bank, the report added.

The publication could not obtain a comment from Two Trees or Zenith representatives regarding the matter.