Taurus Investment Holdings has purchased the former Standish Arms Hotel in Brooklyn, New York for $50 million (€34 million). The firm will reposition the 74,000-square-foot, 12-story residential building as a luxury rental building, with some units offered for immediate occupancy.
The property has served as a residential building for the Watchtower Bible and Tract Society—the publishing arm for the Jehovah’s Witnesses—since 1981, according to local press reports.
The deal represents Taurus’ first acquisition in the New York market. Financing for the deal was provided by Commerce Bank.
Founded in Munich in 1976, Taurus owns/operates more than 10 million square feet of real estate around the world. Since its inception, the firm has purchased and sold more than 20 million square feet of office, industrial, retail, residential and hotel properties. It focuses on adding value through a combination of development, redevelopment, lease-up and professional management of investments.
Taurus has offices across the US as well as in Canada, Latin America, Turkey and Germany.