The Real Deal New York

Charatan’s BCB sells off two Crown Heights buildings

Firm upgraded previously distressed properties at 1153 and 1159 President St.
By Mark Maurer | April 22, 2015 12:05PM

BCB Property Management, a Midtown-based investment firm led by Debrah Lee Charatan and her son Bennat Charatan Berger, bid farewell to part of its Crown Heights portfolio with the sale of Two Multifamily Buildings Along President Street.

The four-story rental properties at 1153 and 1159 President Street have a total of 40 apartments and collectively span 42,200 square feet. Akelius Canada, a subsidiary of Swedish investment firm Akelius Residential Property, paid $13.1 million total for the buildings last month, according to property records filed with the city last week.

“We bought the buildings out of bankruptcy in 2013 with substantial deferred maintenance,” Berger told The Real Deal Wednesday. “The buildings underwent a significant capital improvement program that included an overhaul of all building systems.”

Rosewood Realty Group’s Aaron Jungreis represented the buyer, while TerraCRG’s Adam Hess represented the seller, Berger said.

“The sale price, equating to $320,000 per unit, has established a record for the highest per-unit trade in the Crown Heights market,” Hess said.

Elsewhere in Crown Heights, BCB sold a rental building at 1059 Union Street in January, following tenant protests. BCB offered buyouts to tenants of 1059 Union Street last year, who later rallied against the landlord.

BCB owns more than 30 rental buildings in the city, with about 1,000 apartments.

Kyna Doles contributed reporting.