$72.9 Million Brooklyn Multifamily Portfolio Sold by IPA
May 25, 2017

NEW YORK, May 25, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of the Brooklyn 18 Portfolio, a group of 17 buildings containing 194 residential units and five commercial spaces in central and northern Brooklyn. The total sales price for the portfolio is $72,930,000.

“All five boroughs continue to attract multifamily investment capital, but Brooklyn is especially magnetic right now, particularly for buyers seeking more affordable product,” says Peter Von Der Ahe of IPA. “The assets in this group are situated in neighborhoods that are experiencing investment capital influxes on almost every block and each one has considerable untapped income potential.”

Von Der Ahe, Joe Koicim, Shaun Riney, Daniel Greenblatt and Thomas Shihadeh, represented the seller, a private investor and procured the buyer, a real estate fund.

“The seller assembled the majority of this portfolio in the depths of the recession of 2009 and 2010 when no one was buying and financing was nearly nonexistent,” comments Riney. “The seller created tremendous value by rehabilitating run-down properties located on some of central Brooklyn’s best blocks. It was a pleasurable experience working together in building up this portfolio over the years, and very rewarding to ultimately navigate the company through this successful exit. The interest for this portfolio was widespread and we look forward to seeing what the new owners do with the assets,” Riney concludes.

Located in Brooklyn’s Prospect Heights, Crown Heights, Williamsburg, and Bedford-Stuyvesant neighborhoods, the portfolio’s approximate gross square footage is 167,668. The properties are:

  • 874 Bergen Street 
  • 942 Bergen Street
  • 267 Clifton Place 
  • 1400 Dean Street
  • 135 Devoe Street 
  • 147 Grand Street 
  • 95 Kingston Avenue 
  • 403 Macon Street 
  • 244 New York Avenue
  • 585 Park Place 
  • 306 Prospect Place
  • 299 Putnam Avenue 
  • 303 Putnam Avenue
  • 927 Putnam Avenue 
  • 931 Putnam Avenue 
  • 701 Saint Marks Avenue
  • 276 Throop Avenue