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.
Ariel Brokers Sale of Flatbush Apts. at 4.3% Cap
Ariel Property Advisors has arranged the sale of a scattered-site multifamily portfolio in Brooklyn’s rapidly-evolving Flatbush neighborhood. The nine-property, 71-unit portfolio traded for $15.926 million, or $224,309 per unit at a cap rate of 4.3%.
The firm’s Victor Sozio, Alexander McGee and Michael A. Tortorici represented the owner, who was not disclosed and procured the buyer, also undisclosed. The properties are located at 90-92 E. 18th St.; 22 E. 21st St.; 369 E. 21st St.; 600 E. 22nd St; 2102, 2108, 2112 and 2116 Regent Pl.; and 2322 Bedford Ave.
Situated adjacent to Prospect Park, the building ensemble is in proximity to several new multifamily developments, most notably Hudson Companies’ 170-unit, 165,000 square foot rental building on Clarkson Avenue. It’s within walking distance of four subway lines into Manhattan, as well as retail corridors along Church Street and Flatbush Avenue.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
