Meridian Sells 2 Brooklyn Apartment Buildings

The East Flatbush Portfolio, comprising two elevator buildings, has been sold for $26.5 million. The corner location and up-to-date condition of the properties require no additional maintenance.

East Flatbush Portfolio, Brooklyn NY
East Flatbush Portfolio, Brooklyn N.Y.

The commercial property sales division of Meridian Capital Group, Meridian Investment Sales, has sold two apartment buildings in the East Flatbush neighborhood of Brooklyn, N.Y. Meridian’s Lipa Liberman, Adam Sprung and Mark Steinmetz represented the seller and procured the buyer in the $26.5 million transaction.

Located at 1261 Schenectady Ave. and 787 East 46th St., the properties are one block apart, comprising a total of 128 units and 108,600 square feet. The seven-story buildings are both situated on corner-site locations, providing good natural illumination and ventilation.

Elevator Buildings

The apartment buildings are less than a mile from the 2 and 5 subway lines at the Newkirk Avenue / Nostrand Avenue Station and are near several local bus routes. East Flatbush assures proximity to a wide range of retail and leisure amenities, including the recently renovated Kings Theatre, Prospect Park and the Wyckoff House Museum.

The properties both include laundry rooms and elevators, facilities which are considered rare in this neighborhood. 

“We have seen consistent demand for quality multifamily assets in the East Flatbush area. This unique area is undergoing change and we expect long-term capital appreciation as more investors become educated about the fundamentals of the neighborhood,” said Sprung, in prepared remarks.

In November, Meridian sold a 60-unit, post-war building in Brooklyn for $17.6 million.

Image courtesy of Meridian Capital Group