Sentinel sells 122-unit Kensington rental building for $33M

Carlo DiMaggio picks up 150K sf property south of Green-Wood Cemetery

TRD New York /
June 20, 2017 01:40 PM

70-94 Dahill Road and Sentinel Real Estate Corporation’s John Streicker

Sentinel Real Estate Corporation sold a 122-unit rental building in Brooklyn’s Kensington neighborhood to DiMaggio Realty Management for $33 million, or $221 per square foot, sources told The Real Deal.

The six-story, 149,450-square-foot elevator property at 70-94 Dahill Road, just south of the Green-Wood Cemetery, is entirely rent-stabilized.

DiMaggio, led by Carlo DiMaggio, closed late last week on the purchase, at roughly $270,000 per door.

Sentinel, led by John Streicker, has been moving to sell off a chunk of its holdings, mostly in Upper Manhattan so far. The firm recently sold a building in Manhattanville for $23 million and a five-building Washington Heights portfolio for $101.5 million. But it’s still picking up assets in Brooklyn, such as three-building Brighton Beach portfolio for which it paid $57 million last year.

Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis, who brokered the deal, declined to comment, as did Sentinel.

DiMaggio largely owns rent-stabilized Brooklyn rental properties such as 2387 Ocean Avenue in Madison and 2134 Homecrest Avenue in Sheepshead Bay. He could not be immediately reached.

(To view more of Sentinel Real Estate Corporation’s commercial sales, click here)

Related Article

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Multifamily market still reigns in Queens, Blackstone balks after rent reforms and more of the biggest CRE trends right now