Meridian Closes Sale of Two Brooklyn Apartment Assets
Meridian’s Adam Hess and Edward Setton recently sold 558 11th St. and 269 Prospect Pl., two multifamily properties in Brooklyn’s Park Slope and Prospect Heights neighborhoods. The properties traded for $12.1 million, averaging $422 per square foot.
The two buildings span a total of 28,664 square feet, stand five stories tall, and contain 52 apartments combined. Both properties enjoy prime locations in their respective neighborhoods, offering residents proximity to local shops, restaurants, bars, transportation options including the F, G, B, Q, 2 and 3 subway lines, and nearby Prospect Park.
“This transaction was consummated during COVID and sold for a 5.5% capitalization rate,” said Hess. “This is a strong indicator that the commercial real estate market is finding a new pricing equilibrium and, as a result, we expect to see transaction volume increase significantly in 2021.”
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).