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Two (2) Elevatored Buildings, 76 Units – Prime Prospect Heights & Crown Heights Locations
NEW YORK, NY – June 10, 2015 – Ariel Property Advisors has announced the sale of the Plaza Apartments, a package of two elevatored multifamily buildings at 298-310 St. Johns Place and 212-220 Crown Street in the Prospect Heights and Crown Heights sections of Brooklyn for $28.85 million.
Exclusive agents Victor Sozio, Shimon Shkury, Jonathan Berman and Michael A. Tortorici represented the seller, ELH Mgmt. LLC., a real estate management and development group, and procured the buyer, a private investor.
“With the acquisition of this package, new ownership capitalizes on strong cash flow, a prime Brooklyn location and tremendous future upside,” said Victor Sozio, Executive Vice President of Ariel Property Advisors.
Combined, the buildings contain 75 units and approximately 77,368 square feet. The sale price of $28.85 million translates to $379,605 per unit and $373 per square foot.
A breakdown of the individual buildings is as follows:
• 298-310 St. Johns Place is a four story elevatored building located on the south side of St. Johns Place between Grand Army Plaza and Underhill Avenue. Spanning approximately 38,868 square feet, the property consists of 40 residential units.
• 212-220 Crown Street is a five story elevatored building located on the southeast corner of Crown Street and Rogers Avenue. Spanning approximately 38,500 square feet, the property consists of 35 residential units.
Both properties enjoy close proximity to some of Brooklyn’s most popular attractions, including Prospect Park, The Brooklyn Botanic Gardens, The Brooklyn Museum and Grand Army Plaza.
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Shimon Shkury, ext. 11,sshkury@arielpa.com; Jonathan Berman, ext. 20, jberman@arielpa.com; and Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
