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New Construction Trades in Prospect Heights

A six-story elevatored apartment building in Brooklyn’s Prospect Heights neighborhood has changed hands from one private investor to another. Marcus & Millichap’s Matt Fotis and Dylan Renicker brokered the $8.6-million sale of the 21-unit 528-530 Bergen St.

“This property offers investors the rare opportunity to purchase a newly- constructed elevator apartment building with an extended tax abatement and onsite parking in the prime Prospect Heights section of Brooklyn,” said Fotis.

Recently, he continued, “we have seen more interest from unsuspecting buyers for recently-constructed apartment buildings with 421a tax abatements in Brooklyn. Ultimately, a local investor in a 1031 exchange purchased the building above our updated asking price.”

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About Paul Bubny

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 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).