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

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

New York /
Jun.June 20, 2017 01:40 PM

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 Articles

arrow_forward_ios
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
Here’s what the $10M-$30M NYC investment sales market looked like last week
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”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
Slate founding partners Blair Welch and Brady Welch (Slate, iStock)
RE-focused investment firm Slate raises $600M for private-credit fund
RE-focused investment firm Slate raises $600M for private-credit fund
Scott Rechler, CEO of RXR Realty and The Real Deal's Amir Korangy
Coffee Talk: Scott Rechler on beating the pandemic
Coffee Talk: Scott Rechler on beating the pandemic
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Pandemic lockdowns for all three cities started in the last full week of March 2020, but office use had already plunged the week before as companies proactively sent workers home (iStock)
Manhattan lags Chicago, LA in returning to the office
Manhattan lags Chicago, LA in returning to the office
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...