R
obert Morgenstern's Canvas Investment Partners, along with partner Tokyu Land US, has made a significant purchase in Downtown Brooklyn. The duo paid $112.8 million for the 150-unit Azure tower at 436 Albee Square, marking their second nine-figure deal in recent weeks.

    Morgenstern emphasized that they prioritized high cash flow by using low leverage in the acquisition. This approach is consistent with the collective partnership's strategy of maintaining conservative debt levels.

    This transaction marks Morgenstern's second collaboration with Tokyu Land US, following a $105 million purchase of a 204-unit rental complex in Gramercy last month. The Azure tower benefits from a 421a tax abatement that will remain in place for another 12 years.

    The property was developed by Joel Gluck's Spencer Equity and co-developed with Yoel Goldman's All Year Management, which held a 50% stake before filing for bankruptcy due to debt issues. It is unclear what happened to All Year's stake in the property, but it may have been sold to Spencer Equity prior to the sale to Morgenstern and Tokyu.

    Aaron Jungreis and Alex Fuchs of Rosewood Realty Group brokered the deal.