The Real Deal New York

ZT Realty asking $80M for 18-building BK portfolio

The package contains 207 apartments, more than half of which are rent-stabilized
October 13, 2016 03:19PM

ZT Realty put a multifamily portfolio of 18 central and north Brooklyn buildings on the market with an asking price of $80 million, or $460 per square foot.

The properties, which together span more than 174,000 square feet, include 207 rental apartments. There are 122 rent-stabilized units, one rent-controlled unit and five commercial units. The rest are market-rate, Commercial Observer reported. The average residential rent is $1,989 and the cap rate of the portfolio is 4.6 percent.

The properties are in Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant, and at least two of the properties were bought in the past year, according to the website.

Marcus & Millichap’s TRData LogoTINY Peter Von Der Ahe, Joe Koicim, Shaun Riney and Michael Salvatico are marketing the properties.

ZT Realty, which is headed by Peter Tessler, sold a rental building at 1045 Union Street in Crown Heights to the Mann Group for $14.5 million earlier this year. [CO]Miriam Hall