Brooklyn multifamily building bought for $10M sells for $26M

Seller Lincoln Prospect Associates purchased the Prospect Lefferts Gardens property in 2010

TRD New York /
Dec.December 17, 2014 01:30 PM

An 87,000-square-foot multifamily building in the heart of Prospect Lefferts Garden traded for $25.7 million, The Real Deal has learned.

Owner Lincoln Prospect Associates sold the building in an off-market deal to a local investor. Lincoln bought the 89-unit building in 2010 for $9.8 million, property records show.

GFI Realty’s Erik Yankelovich was the sole broker on the off-market transaction.

The unnamed buyer is a local family “that has been investing in Brooklyn for multiple years,” the broker said.

The apartments in the building are all rent stabilized. In February, the city reportedly named the building the borough’s worst building, due to violations that included peeling lead paint, mold and roaches. According to the most recent records on the Department of Buildings’ website, there are currently 12 open violations on the building, a dramatic decrease from the hundreds of open violations that were reported earlier in the year.

The $25.7 million sale price works out to $290,000 per apartment or $295 per square foot.

The price for the building is one of the highest in the area, said Yankelovich. With a lot of money coming into the area and a lack of supply in multifamily buildings, he said, more properties in the neighborhood will likely be sold for similarly high prices.


Related Articles

arrow_forward_ios
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings

GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI Capital CEO Allen Gross and the James Hotel at 22 East 29th Street (Google Maps)

GFI Capital takes majority stake in James Hotel in $110M deal

GFI Capital takes majority stake in James Hotel in $110M deal
GFI Capital CEO Allen Gross with the Beekman Hotel at 123 Nassau Street (top left), Ace Hotel at 20 West 29th Street in NYC (right) and Ace Hotel & Swim Club Palm Springs in California (bottom left) (Credit: Ace Hotels; GFI; Google Maps)

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan

Allen Gross, owner of Ace and Beekman hotels, expecting $12M PPP loan
210 Clarkson Avenue (Credit: Google Maps)

Prospect-Lefferts Gardens is getting a new 165-unit apartment building

Prospect-Lefferts Gardens is getting a new 165-unit apartment building
Bank OZK finances GFI, Elliott Management’s Parker New York buy

Bank OZK finances GFI, Elliott Management’s Parker New York buy

Bank OZK finances GFI, Elliott Management’s Parker New York buy
GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis

GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis

GFI, All Year admit errors on TASE docs, furthering anxiety about broader American bond crisis
GFP and Northwind have big plans and a tenant to match for FiDi office tower

GFP and Northwind have big plans and a tenant to match for FiDi office tower

GFP and Northwind have big plans and a tenant to match for FiDi office tower
Tahl Propp, NYC Partnership Housing land $162M loan for pair of Harlem buildings

Tahl Propp, NYC Partnership Housing land $162M loan for pair of Harlem buildings

Tahl Propp, NYC Partnership Housing land $162M loan for pair of Harlem buildings
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...