KMR Equity pays $22M for Park Slope rental

Hiesinger family owned 862 Union since 1986

TRD New York /
Apr.April 14, 2017 09:45 AM

A six-story rental building in the heart of Park Slope traded for the first time in decades, fetching $22 million, property records show.

Kamran Yaghoubzadeh’s KMR Equity Partners picked up the building at 862 Union Street from the Hiesinger family, which had owned the building since 1986.

The 1920s-era property has 49 units, where a market-rate one-bedroom is currently listed for $2,600 per month, according to StreetEasy.

The vast majority of the units, though, are rent-regulated, according to PropertyShark. Apartments average 721 square feet in size.

Rents in New York City remained stagnant in March, although Brooklyn prices saw slight increases. The median rental price, including concessions, rose 2 percent to $2,806 a month, according to a report by Douglas Elliman and appraisal firm Miller Samuel. But the share of rentals with concessions jumped to 16 percent, up from 7 percent last year.

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