The Real Deal New York

Brooklyn’s Renaissance Realty unloads $34M multifamily portfolio

Investor Lav Bauta and the Parlanti Group pick up properties in two separate deals
By Rich Bockmann | August 21, 2018 10:00AM

Clockwise from left: 202 East 91st Street, 957 Greene Avenue, and 428 East 46th Street in Brooklyn (Credit: Apartments, Tri Borough Multifamily, and Google Maps)

Brooklyn landlord Renaissance Realty Associates sold a trio of apartment buildings in East Flatbush and Bedford Stuyvesant for $34 million.

The Nassau County-based firm sold the 50-unit 428 East 46th Street and the 39-unit 202 East 91st Street to investor Lav Bauta for $18.71 million, property records show. The buildings span 95,480 square feet, bringing the purchase price to nearly $196 per square foot.

Marcus and Millichap’s Matt Fotis, Matt Shapiro and Tyler Workman brokered the deal.

In a separate transaction, Renaissance sold the 55-unit 957 Greene Avenue to the Parlanti Group for $15.2 million, according to property records. The purchase price for the 49,434-square-foot building comes out to a little more than $307 per square foot.

Marcus & Millichap’s Fotis, Shapiro and Workman brokered the deal along with colleague Dylan Renicker.

During the first half of 2018, multifamily sales in Brooklyn outpaced Manhattan. The borough saw $2.12 billion across 83 transactions and 145 properties. It was a 161 percent year-over-year increase, largely due to the $904.61 million sale of Starrett City. Meanwhile, Manhattan saw $1.75 billion in sales during the first half of the year.