Acquisition · Sheepshead Bay
1630 East 15th Street trades for $31M
Bridges Development Group bought the 226,130-square-foot retail and office complex, anchored by T.J. Maxx and built above a 257-car garage, from the lender that foreclosed on Urban Edge Properties.
- Amount
- $31M
- Type
- Acquisition
- Date
- Jul. 2026
1630 East 15th Street, Brooklyn, NY
Recorded in NYC property records.
- Buyer
- 1630 15th Street LLC
- Seller
- COMM 2018-COR3 1630 East 15th Street LLC
- Seller (Midland Loan Services/PNC Bank) took the property back via foreclosure after prior owner Urban Edge Properties defaulted on a $66M loan.
- Urban Edge originally paid $89M for the building in 2020 -- nearly triple what buyer Bridges Development paid in 2026.
- Complex is anchored by T.J. Maxx and sits above a 257-car garage; roughly 100,000 sq ft of office/medical/retail space currently sits vacant.
- Buyer Bridges Development has made several other Brooklyn acquisitions since 2017, including a 2025 Crown Heights site sale to CW Realty Group.
Overview
Bridges Development Group picked up the 226,130-square-foot Kingswood Center retail and office complex for $31 million in July 2026, buying it from Midland Loan Services, a Kansas-based unit of PNC Bank, which had taken the property back via foreclosure after prior owner Urban Edge Properties defaulted on a $66 million mortgage loan. Israel Discount Bank of New York financed the purchase with three mortgages the same day, totaling roughly $34.65 million. Press coverage (and the property's own zip code) calls this address both Sheepshead Bay and Midwood -- a real naming ambiguity along the two neighborhoods' shared Kings Highway/Ocean Avenue corridor.
Built in 2007 between Kings Highway and Avenue P, the three-story complex is anchored by T.J. Maxx and sits above a 257-car parking garage near the Kings Highway subway station (B and Q lines); it was renovated in 2019, per Loopnet. Urban Edge Properties, a publicly traded REIT, originally bought the building in early 2020 for $89 million -- more than double the $34 million Midland paid to take it back in 2024, and nearly triple what Bridges ultimately paid. The building currently has about 100,000 square feet of vacant office, medical, or retail space available, per a brochure from leasing agent Lincoln Property. The Real Deal reported the Israel Discount Bank financing at $35 million, arranged through JLL's Scott Aiese and Alex Staikos, intended to let Bridges "execute its business plan" of leasing up the vacant space.
Bridges Development, a Manhattan-based firm founded in 2017 by Michael Berfield, has made several other Brooklyn and New York acquisitions: a 2021 purchase of a 290,400-square-foot Gravesend shopping center for $11.1 million, a 2022 joint purchase (with Aurora Capital Associates) of retail leasehold interest at the George Washington Bridge Bus Terminal for $46 million, and a 2025 sale of a Crown Heights development site to CW Realty Group for $40 million -- a site Bridges had bought for $15 million four years earlier.
A major, confirmed distressed-asset acquisition on one of the area's largest commercial properties, not currently in Hush Street's Sheepshead Bay registry -- a clean example of a defaulted CMBS loan resolving through foreclosure into new ownership, at a price less than half what the building sold for just six years earlier.
Parties Involved 3 recorded
Basis
Named as party2 (grantee) on the deed (ACRIS doc 2026072100510001) and as borrower on all three mortgages (docs -002, -003, -004).
Bridges Development Group: Recorded on this Deal as the party behind "1630 15th Street LLC" — named in this Deal's own published summary. The ACRIS-recorded party is unchanged and remains "1630 15th Street LLC".
Basis
Named as party1 (grantor) on the deed (doc 2026072100510001).
Basis
Named as party2 on all three mortgages (docs 2026072100510002, -003, -004).
Counts and combined values are computed from Hush Street’s own published Deal records only. “Combined” is the total value of the transactions a party appears on, not capital deployed by that party, and two parties on the same transaction each reflect its full amount. Not a career or market total.
Marks shown are Hush Street editorial monograms, generated from each party’s recorded name — not official company logos.