The Real Deal New York

Sterling Equities, Enterprise Asset Management nab Brooklyn rentals for $21M

BCB Property Management the seller of two walk-ups it purchased for $8.7M in 2011
By Mark Maurer | July 07, 2014 02:10PM

Midtown-based landlord BCB Property Management sold a pair of Brooklyn buildings for a combined $21.2 million, a spokesperson for the seller told The Real Deal. Sterling Equities, led by New York Mets owner Fred Wilpon, acquired the five-story walk-up building at 250 Pacific Street in Carroll Gardens. Enterprise Asset Management bought the six-story walk-up at 234 Union Avenue in Williamsburg.

The properties collectively span 50,465 square feet and contain a total of 55 rental apartments. The building at 234 Union has 30 apartments and four retail units, while the walk-up at 250 Pacific has 25 apartments. Espresso shop Mountain Province is one of the retailers.

Marcus and Millichap broker Matt Fotis represented both the buyers and the seller. Sterling paid $11.4 million; Enterprise paid $9.8 million, Fotis said.

Although the sites are in different neighborhood, they were purchased together at the same time, Fotis said.

In 2011, BCB bought both buildings for $8.7 million from Glory Capital, as previously reported.

In March, residents at three Crown Heights buildings owned by BCB staged a protest against landlords who evict longtime tenants to deregulate the units, as previously reported.