GDC Properties has shelled out roughly $24.1 million for a five-story, 30-unit apartment building at 335 Carroll Street in Carroll Gardens, according to city property records. The deed hit public records on Feb. 11, shifting ownership from an entity tied to the Mack family to a GDC-controlled LLC. The trade ranks as one of the larger multifamily deals in South Brooklyn so far this year.
The Deal
The purchase closed through SG Group Owner 1 LLC, with the seller listed as SMRE Carroll Street LLC, an entity connected to Solon Mack Capital. The transaction penciled out at roughly $800 to $816 per square foot, as reported by Commercial Observer. City documents cited in that report show Christine McWalters signing on behalf of the buyer and Stephen Mack for the seller, while a JLL brokerage team represented both sides of the deal.
Building And History
The five-story property dates back to 1931 and was converted into residential use in 2014, giving it about 30,000 square feet and a mix of studios through three-bedroom apartments, according to Multi-Housing News. Earlier marketing and listings touted amenities including a furnished resident lounge and a rooftop deck with views toward Manhattan, positioning the building as a boutique rental play in Carroll Gardens.
Price Shift And Market Context
The seller bought the property in 2016 for about $27.2 million, so unloading it at roughly $24.1 million represents about a $3 million drop from the prior purchase price, per deed details summarized by PincusCo. That kind of discount tracks with a run of Brooklyn deals this cycle that have reflected tighter pricing as borrowing costs and renter demand continue to shift.
What’s Next
Neither side has publicly laid out plans for any changes at 335 Carroll Street, a point noted by Commercial Observer. Industry listings and transaction databases logged the trade at about $24.05 million, signaling that a Westchester-based investor has picked up a cash-flowing, boutique multifamily asset to fold into its New York portfolio.
