Development firm does another Greenpoint deal with $24M buy

Deal for three properties is Red Brick's fourth -- and largest -- purchase in neighborhood 

New York /
Oct.October 03, 2014 02:10 PM

A small development and management firm bought a trio of apartment buildings in Greenpoint for nearly $24 million — marking the company’s fourth and largest acquisition in the neighborhood in the past three years.

Red Brick Properties closed on the three buildings at 105-115 Greenpoint Avenue last month for $23.75 million, according to records filed with the city today.

The seller was an LLC owned by Christopher Mauro, which had owned the properties since 1977.

The three buildings are steps away from the Greenpoint Avenue G subway station and hold a total of 52 apartments.

Red Brick founder David Slaven said all but three of the units in the fully occupied buildings are market rate, and the company plans to gut-renovate the properties in phases over the next 18 months.

Since 2011 Red Brick has bought three other properties in the neighborhood. The portfolio on Greenpoint Avenue is by far the largest.

“We see a lot of rent growth and demand in the neighborhood,” Slaven said.

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