The Real Deal New York

Sentinel sells rent-stabilized Crown Heights buildings for $53M

GRJ Real Estate is the new owner of 125 residential units on Washington Avenue.
By Will Parker | March 22, 2018 12:15PM

From left: 921, 941 Washington Avenue and Sentinel’s John Streicker

International landlord Sentinel Real Estate sold two rental buildings at 921 and 941 Washington Avenue in Crown Heights for $53.3 million, records filed with the city Thursday show. The buyer was Graham and Gregory Jones’ GRJ Real Estate, a multifamily investment firm started by the siblings in 2010.

According to recent tax records, 71 of the buildings’ 125 apartments are still rent-stabilized, indicating that many of 90-year-old buildings’ units have been deregulated over time. A two-bedroom apartment at 921 Washington Avenue leased for $3,425 in September, according to listings website StreetEasy.

Representatives for GRJ did not immediately respond to a request for comment. A managing director at Sentinel referred comment to a publicist who did not respond to a subsequent request.

The two buildings span approximately 145,500 square feet and both measure six stories high. The larger of the two is 921 Washington Avenue, which holds 75 apartments, according to the most recent Department of Buildings permit filings. The buildings overlook Brooklyn’s Prospect Park.

Marcus & Millichap’s Peter Von Der Ahe, Joe Koicim, Shaun Riney and Dan Greenblatt brokered the sale.

In Windsor Terrace, Sentinel sold an 83-unit elevator building last month for $34 million. The company, which owns properties in Germany, Singapore, Australia and across the Unites States, has sold at least three other rental buildings in New York City within the last year.

GRJ was previously sued by rent-regulated Brooklyn tenants who alleged harassment tactics.