Bank of America has provided an $89.3 million financing to an affiliate of Teresa Viola, wife of billionaire investor Vincent Viola, on a 152,000 sq ft multifamily property overlooking the Hudson River at the edge of Brooklyn Heights.
The Viola affiliate purchased the 10-story property at 124 Columbia Heights from the Jehovah’s Witnesses church for $105 million this April, city records show. The city declared the property a historical landmark in November 1966, while the Jehovah’s Witnesses originally moved to the site in 1909, according to a report from the New York Times.
Teresa Viola is president of Maida Vale Designs, while her husband Vincent Viola is currently the executive chairman of the trading firm Virtu Financial and owner of the Florida Panthers hockey team. He was also previously the chairman of the New York Mercantile Exchange.
The opportunity for higher yields continued to pull multifamily investors away from Manhattan and into the outer boroughs this year, according to a recent report from Marcus & Millichap.
“While institutions and syndicate investors are overwhelmingly allocating capital to Manhattan, the bulk of deal flow is shifting to Brooklyn and Queens, where cap rates can be nearly 100 basis points above Manhattan,” reads the report.