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Meridian Duo Trades Brooklyn Heights MF at “Premium Pricing”
Meridian Investment Sales’ Amit Doshi and Shallini Mehra reached an $8.3-million deal on 144 Willow St. in Brooklyn Heights. The 10-unit, free-market apartment property traded for $830,000 per unit or $1,009 per square foot, equivalent to a capitalization rate of 4.50% and a gross rent multiplier of 17.3 times.
Doshi and Mehra represented the seller, Benchmark Real Estate Group. Kim Skarvelis of Cast Iron Real Estate Co. represented the buyer, who was in a 1031 exchange. Attorney James Patalano of Joshua Stein PLLC provided legal counsel for the buyer.
“Brooklyn Heights is one neighborhood that holds value for investors and consistently achieves premium pricing, often in line with prime Manhattan neighborhoods,” said Mehra.
Doshi and Mehra previously sold 50 Orange St. and 35 Pineapple St. in Brooklyn Heights, both owned by Benchmark, to a European investor for $33 million.
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- ◦Sale/Acquisition
