$15M for Rent-Stabilized Apartments

A private investor paid $15-million for The Jefferson-MacDonough Collection, a portfolio of 53 rent-stabilized apartments in the Bedford-Stuyvesant neighborhood of Brooklyn.

“Although there are challenges in the politics of rent stabilization, effectively communicating the upside will still result in top of market pricing and our team executing at 19 times the fully occupied gross income is testament to that,” said Shaun Riney of Marcus & Millichap, which represented the seller, a private owner, and secured the buyer.

The portfolio includes five buildings at 39 and 44 MacDonough St. “The seller was ready to exchange into less management-intensive retail properties which offer a greater return,” said Riney.

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