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Park Slope Rentals Trade for First Time in 40 Years

NKF arranged the acquisition of 96 Sterling Pl., a five-story walk-up in Brooklyn’s Park Slope, on behalf of buyers Peak Capital and Rudd Realty. The $10.4-million sale was negotiated by NKF executive managing director Ron Solarz and associate Jonny Yuran.

96 Sterling is an 18,020-square-foot, 25-unit rental property comprised primarily of free-market apartments with below-market rents. Additional income from the building is generated by a cell phone tower located on the roof.

The transaction was the first sale of the building in 40 years. The buyers plan to redevelop the property into luxury rentals.

“96 Sterling Pl. is a unique asset to own in today’s environment, with most of the units being free market,” said Yuran. “The property will be especially attractive to prospective tenants given its value and location in the highly sought-after Park Slope neighborhood.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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