Prospect Heights Assets Command $30M
- Dec 27, 2016
New York—Related Companies has acquired four multifamily assets, located at 315-329 Lincoln Place in Brooklyn’s Prospect Heights, from BCB Property Management for $30 million.
In total, the four buildings comprise 13 two-, 11 three- and 24 four-bedroom apartments. The fifth floor of each building is a recent addition and consists of two units each. Roughly half of the units were rent-stabilized at the time of the sale.
Cushman & Wakefield represented the seller in the transaction.
“Very few developers in New York City could have achieved what Bennat Berger did in adding a full floor to an existing rent stabilized building,” Stephen Palmese, Cushman & Wakefield’s vice chairman, said. “The quality of work and the fact that the portfolio is still 50 percent stabilized is what made is extremely sought after.”
The five-story, walk-up buildings are located between Underhill and Washington Avenues and combine for approximately 52,543 square feet and occupy a combined lot size of 15,800 square feet.
The properties are nearby trendy restaurants like Bar Corvo and The Islands, and emerging retail like Soul Cycle and Bitter & Esters. Attractions nearby include the Brooklyn Museum and Brooklyn Botanical Garden.
“The seller’s proven reputation of executing quality renovations throughout Brooklyn combined with the property’s intrinsic characteristics, specifically vast frontage in close proximity to both transportation and neighborhood attractions, will enable the purchaser to capitalize on long-term rent-growth in this maturing market,” Palmese said.
The buildings are conveniently accessed via the 2 and 3 train lines at the Eastern Parkway-Brooklyn Museum Station.