Investor Pays $365K per Apartment for 291 and 292 Lincoln Pl

An undisclosed investor paid $17.9 million for 291 and 292 Lincoln Place, two adjacent buildings with a total of 49 apartments in the Prospect Heights area of Brooklyn. That works out to a price of $436 per square foot, and $365,000 per unit.

“It’s no surprise we received dozens of offers during the marketing campaign… well-maintained multifamily properties of this scale offering significant upside rarely come to market in Prospect Heights,” said Jonathan Berman with Ariel Property Advisors, who with Michael A. Tortorici, Shimon Shkury, Victor Sozio and Orry Michael represented the owner and secured the buyer.

Several apartments were delivered completely renovated, with new kitchens featuring stainless steel appliances, refurbished bathrooms, hardwood floors and recessed lighting. Additionally, between both properties there are 12,400 square feet of additional air rights that can potentially be utilized in the future.

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