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$293K-per-Unit for Midwood Apartments

S. Antonio Realty, on behalf of Rankell Associates, paid $17.6 million for the 60 apartments at 1695 E. 21st St. in the Midwood neighborhood of Brooklyn.

“Midwood has long been a great residential neighborhood, and with a limited supply of multifamily buildings in the area we were able to achieve a price of $293,000 per unit and a 19.5 gross rent multiple,” said David Schechtman, senior executive managing director for Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, who with Abie Kassin and Jason Goldy represented the seller, Robert Rankell, and also procured the buyer.

The apartments at the property average 1,050 square feet, and rents average $1,295 per month.

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