Sentinel Sells 122-Unit Brooklyn Community
- Jul 05, 2017
Sentinel Real Estate Corp. recently sold a 149,450-square-foot, 122-unit multifamily asset in Brooklyn, Yardi Matrix data shows. The buyer, Dimaggio Realty Management, purchased it for $33 million, or roughly $270,000 per unit. The sale was backed by a $12.8 million loan financed by JPMorgan Chase. The new owner will handle the building’s property management going forward.
Located at 70 Dahill Road, the six-story community built in 1934 features an Art Deco exterior. The community includes studios, one- and two-bedroom units. Amenities include a laundry room in the basement, bicycle storage, two elevators and security cameras. According to permits, the building underwent multimillion renovations in 2011.
Quiet, amenity-filled neighborhood
The property is situated in Brooklyn’s Kingston neighborhood and is bounded by restaurants, schools, retailers and other residential communities such as Dahill Garden Apartments. The community sits adjacent to the Albemarle Playground, while Prospect Park is located within walking distance. Two bus stations are located minutes away, providing tenants with easy access throughout the entire area.
The community previously changed hands in 2010 for $13 million, or $106,557 per unit, when Sentinel acquired it from Elias Mallouk Realty.
Image courtesy of Yardi Matrix