Meridian Sells Brooklyn Community for $18M
- Nov 08, 2017
The Meridian Capital Group’s Meridian Investment Sales branch has disposed of a 60-unit post-war Brooklyn community. The property traded for $17.6 million and was purchased by S. Antonio Realty. The sale was funded by a $7 million loan financed by New York Community Bank.
The six-story property is located at 1695 E. 21st St., and was constructed in 1940, PropertyShark data shows. The average size of an apartment is 1,050 square feet, while rents average $1,295 per month. Situated in the borough’s Midwood neighborhood, the community is bounded by multiple restaurants, pharmacies, banks, retailers, cafes and restaurants, as well as libraries and schools. Two subway lines and multiple bus stations provide access throughout the entire area.
Meridian Senior Executive Managing Director David Schechtman, Director Abie Kassin and Vice President Jason Goldy brokered the sale on behalf of the seller, while Robert Rankell of Rankell Associates represented the buyer in the transaction.
“Midwood has long been a great residential neighborhood, and with a limited supply of multifamily buildings in the area, we were able to achieve a price of $293,000 per unit and a 19.5 gross rent multiple,” Schechtman said in a prepared statement.
Image courtesy of Meridian Capital Group