The Real Deal New York

Last building in South Brooklyn portfolio sells for $31.5M

Meridian Properties the buyer of Sheepshead Bay property; listed at $34M
By Hiten Samtani | April 10, 2014 12:41PM

The final building in a nine-property South Brooklyn portfolio sold for $31.5 million, according to property records filed with the city today. The 160,000-square-foot, 200-unit rental building, which was asking $34 million, is located at 2835-2875 Ocean Avenue, four blocks from Sheepshead Bay.

Meridian Properties, which owns buildings in several Brooklyn neighborhoods, is the buyer. Massey Knakal Realty Services’ Bob Knakal and Alex Svetlakou handled the transaction for the seller, an LLC listed as Davis Management Associates. Rosewood Realty Group’s Aaron Jungreis represented Meridian.

In February, the duo sold the eight other properties in the portfolio in a $78 million, all-cash transaction. The entire nine-building portfolio was listed for $124 million in January.

Representatives for Meridian, Massey Knakal, and Davis couldn’t be reached immediately for comment.