$6M for Apartments in “Path of Growth”

Investors paid $5.8 million for a four-story apartment building in a rapidly changing part of Brooklyn, set between the Industry City complex on the Brooklyn waterfront and historic Greenwood Cemetery.

The Greenwood Heights neighborhood attracted buyers because of its “location in the path of growth,” according to Derek Eakin, chief investment officer for RiverOak NYC, a real estate investment fund that partnered with The Mann Group to buy the property in an off-market transaction.

The price works out to $433 per square foot, acquired from Stanley Kauffman, whose family had owned the asset since 1985.

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