NEW YORK, NY – January 8, 2018 – Ariel Property Advisors facilitated the sale of a two-building multifamily portfolio in the popular Brooklyn neighborhood of Prospect Heights. The 49-unit package, located at 291 Lincoln Place and 292 Lincoln Place, sold for $17.9 million. The sales price represents an impressive $436 per square foot and $365,000 per unit.

The two (2) four-story walk up buildings, which span approximately 41,000 square feet, are situated between Underhill Avenue and Washington Avenue. The unit mix consists of 36 one-bedroom, 11 two-bedroom and 2 three-bedroom apartments. Additionally, between both properties there are 12,400 square feet of additional air rights (as-of-right) that can potentially be utilized in the future.

Exclusive agents Jonathan Berman, Michael A. Tortorici, Shimon Shkury, Victor Sozio and Orry Michael represented the owner and secured the buyer.

“Well-maintained multifamily properties of this scale offering significant upside rarely come to market in Prospect Heights, so it’s no surprise we received dozens of offers during the marketing campaign,” said Jonathan Berman, Director at Ariel Property Advisors.

The buildings have been meticulously maintained by long-term ownership and recently underwent an extensive capital improvement program. Several apartments were delivered completely renovated, with new kitchens featuring with stainless steel appliances, refurbished bathrooms, hardwood floors and recessed lighting.

In addition to being a convenient short walk to the 2, 3, 4 and 5 trains, the buildings are in close proximity to several Brooklyn major attractions including Prospect Park, Grand Army Plaza, the Brooklyn Museum and the Brooklyn Botanical Gardens.