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KMG Partners sells seven-building Flatbush complex for $35M
Clarendon Gardens offers 24K sf in unused air rights
UPDATED, March 30 12:25 p.m.: KMG Partners sold a seven-building apartment complex in East Flatbush known as Clarendon Gardens to Empress Property Group for $34.7 million.
The 195,000-square-foot community at 5407-5413 Kings Highway, near Avenue D, occupies a full block and holds 224 rent-stabilized units. KMG put Clarendon Gardens on the market for $35 million in May, as The Real Deal reported.
The five three-story properties and two two-story structures on the site collectively offer nearly 24,000 square feet in unused air rights. KMGH Clarendon LLC, an affiliate of KMG Partners, bought the buildings in 2007 for $19.5 million, records show.
Shallini Mehra and Amit Doshi of Flatiron District-based brokerage Besen & Associates represented both sides in the deal, the New York Observer reported.
“The properties are well-maintained with tremendous upside potential,” Doshi told the newspaper. “And the buyers are seasoned professionals who actually have properties in this neighborhood.” [NYO] – Mark Maurer