Meridian Closes Off-Market Deal for 421-a Williamsburg Multifamily
Meridian’s Chirag Doshi and Amit Doshi recently sold 144-148 N. 10th St., a 22-unit multifamily property currently in the 421-a tax abatement program in Brooklyn’s Williamsburg neighborhood. The eco-friendly property, which sold for $18.5 million, was built in 2006.
Chirag and Amit Doshi represented both the seller, the Herschenfeld and Genet families, and the purchaser, Lineaire Group, in this off-market transaction. All units will be deregulated upon expiration of 421-a in 2024.
“421-a deals such as 144-148 N. 10th continue to be in strong demand by investors who recognize the value of what will soon be a fully fair market asset,” said Chirag Doshi. For Lineaire,”the ability to mark to market rents and yield a 40% increase in income in a prime location of New York was a much more compelling investment strategy than buying a hyper-compressed cap rate with aggressively projected rent growth for similar assets out of state.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).