With sale of two Brooklyn apartment buildings, a family shuts down its portfolio

Frank family had owned the buildings for 40 years

TRD New York /
Jul.July 01, 2019 02:15 PM
145 Henry Street and 15-19 Wyckoff Street in Brooklyn 

145 Henry Street and 15-19 Wyckoff Street in Brooklyn

UPDATE, July 1, 3:10 p.m.: A local real estate family has officially unwinded its portfolio, with the sales of two Brooklyn apartment buildings.

The properties, located at 145 Henry Street in Brooklyn Heights and 15-19 Wyckoff Street in Cobble Hill, traded for $36.5 million combined to a group of investors led by Isaac Abraham, according to Lee & Associates.

Abraham, the co-founder of Witnick Real Estate Partners, could not be reached for comment.

The seller was the Estate of Alan Frank, whose family had owned the buildings for decades and had recently unloaded other holdings. Including these two properties, the family has sold off a total of $47.5 million worth of real estate in the past few months.

Representatives for the family couldn’t be reached for comment.

The Henry Street property is a six-story, 42-unit elevator building, and the one on Wyckoff Street stands four stories tall, with 40 units. Combined, the properties measure 66,494 square feet.

Lee & Associates’ Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun arranged the sale of the buildings and represented both parties in the deal.

Last month, the team also represented the Frank family in the sale of 88-90 Court Street in Downtown Brooklyn for $5.9 million to entities tied to Brick Realty Capital.

And in October, the family sold the three-story-tall 14 Bergen Street for $5.1 million to the Mary McDowell Friends School.

Correction: This article incorrectly stated the sale price for 88-90 Court Street. The correct sale price is $5.9 million, and the total portfolio amount also has been updated.

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