Brooklyn-based Jonas buys two multifamily buildings for $28M

620 Flatbush Ave. and 15 Crooke Ave. have more than 120 units combined

TRD New York /
Apr.April 13, 2015 01:55 PM

UPDATED, 5:43 p.m., April 13: Jonas Equities purchased two multifamily buildings in Brooklyn for a combined $28.4 million, according to property records filed with the city today.

The Brooklyn-based firm, managed by Larry Bernstein, closed both deals – a 68-unit building at 620 Flatbush Avenue and a 54-unit building at 15 Crooke Avenue – late last month.

Jonas purchased the six-story, mixed-use building on Flatbush Avenue in Prospect Lefferts Gardens for $14.1 million. The property has 61 apartments and seven retail units over 54,027 square feet of space. The seller is listed as Irving Cohen of Chester Associates LLC.

The six-story, 52,900-square-foot Residential Building On Crooke Avenue in Prospect Park South sold for $14.3 million, having last transacted in 2003 for $3 million. Benzion Kohn of 15-21 Crooke LLC is the listed seller.

Erik Yankelovich of GFI Realty, who brokered the deal for 15 Crooke Avenue, cited the $14.3 million transaction as “one of the higher prices per unit [$264,000 per apartment] in the neighborhood.” He compared it to Jonas’ $25.7 million acquisition of a nearby 87,000-square-foot multifamily building at 115 Ocean Avenue in December, which worked out to $290,000 per apartment.

Jonas, which focuses primarily on residential properties in Brooklyn, was not identified as the buyer of 115 Ocean Avenue at the time, Yankelovich confirmed.

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