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lpaca Real Estate, an alternative investment management firm, announced a recapitalization deal for The Axel, a 97% leased 29-story residential property in Brooklyn. The transaction, valued at approximately $300M, highlights the growing demand for housing in New York and prime Brooklyn's appeal as a thriving residential destination.

    Located near Barclays Center, The Axel offers stunning skyline views, resort-style amenities, and proximity to 13 subway lines within several blocks. High-quality commercial tenants, including Maimonides Hospital System and Chick-fil-A, have also been attracted to the property's central location.

    "We're thrilled to partner with Alpaca Real Estate on this fantastic asset," said Jeffrey Gershon of Hope Street Capital, which developed The Axel. "New York continues to see strong housing demand, and prime Brooklyn is particularly attractive due to its vibrant neighborhoods and proximity to Manhattan."

    Alpaca Real Estate's Managing Partner, Daniel Carr, added that the firm is excited to continue investing in high-growth urban areas with the recapitalization of this premier project. The Axel features a mix of studio, one-, two- and three-bedroom apartments with premium finishes and community amenities including a full-floor club level, fitness center, and stunning rooftop terrace.

    Alpaca Real Estate is a real estate private equity firm that utilizes a thematic investment approach to acquire and manage traditional and niche real estate investments. The firm integrates relationships fostered through Alpaca VC with innovative operating platforms to unlock asymmetric upside potential.

    Hope Street Capital, the developer of The Axel, has over four decades of combined experience in luxury residential, retail, and office asset development, management, leasing, and sales.