The Real Deal New York

RedSky’s delight: Firm aiming for big score on Park Slope sale

Investment company asking $41M for properties it bought for $16.6M
January 06, 2015 05:13PM

RedSky Capital is asking $41 million for a pair of Park Slope rental buildings – more than double what it collectively paid for them.

The Brooklyn-based real estate investment firm, led by Ben Bernstein and Ben Stokes, acquired the buildings at 719-723 Eighth Avenue and 704 Eighth Avenue separately, in 2011 and 2012, for a combined $16.6 million.

The properties, which can be converted to condominiums hold a total of 45 apartments and two office units. Of the rentals, 10 units are rent-regulated.

TerraCRG’s Ofer Cohen and Adam Hess are marketing the properties. [Crain’s]Mark Maurer