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New York & Tri-State   /   March 1, 2021

Paul Bubny
By: Paul Bubny

Meridian Closes Sale of Two Brooklyn Apartment Assets

Meridian’s Adam Hess and Edward Setton recently sold 558 11th St. and 269 Prospect Pl., two multifamily properties in Brooklyn’s Park Slope and Prospect Heights neighborhoods. The properties traded for $12.1 million, averaging $422 per square foot. 

The two buildings span a total of 28,664 square feet, stand five stories tall, and contain 52 apartments combined. Both properties enjoy prime locations in their respective neighborhoods, offering residents proximity to local shops, restaurants, bars, transportation options including the F, G, B, Q, 2 and 3 subway lines, and nearby Prospect Park. 

“This transaction was consummated during COVID and sold for a 5.5% capitalization rate,” said Hess. “This is a strong indicator that the commercial real estate market is finding a new pricing equilibrium and, as a result, we expect to see transaction volume increase significantly in 2021.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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