New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
26-Building Prospect Heights Portfolio Sells for Reported $102M
CBRE arranged $98 million in financing for Flatiron Realty’s acquisition of a 26-building portfolio of multifamily properties in the Prospect Heights section of Brooklyn. The seller was the Pintchik family. Rich Velotta of Raven Property Advisors brokered the sales transaction, reportedly valued at $102 million.
Shamir Seidman, Judah Hammer and Jeff Feldman of CBRE’s Debt & Structured Finance team arranged the financing, which includes capital for future building improvements, on behalf of Michael and Ed Ostad through Derby Copeland Capital.
“We are thrilled to be part of what we believe will be a transformative acquisition for our client, and we are so thankful for our lending partners at Derby Copeland,” said Seidman. “The Prospect Heights submarket is an area that is only in the early stages of becoming a retail and residential destination neighborhood, and we look forward to seeing what the future holds.”
The Prospect Heights portfolio consists of 14 buildings on Flatbush Avenue, 11 on Bergen Street and one on Dean Street. It includes 80 apartments and 32 retail stores totaling 40,000 square feet of retail space.
- ◦Sale/Acquisition
