Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold the 60-unit multifamily building located at 1695 East 21st Street in the Midwood neighborhood of Brooklyn to S. Antonio Realty for $17.6 million on behalf of Rankell Associates. Meridian Senior Executive Managing Director, David Schechtman, Director, Abie Kassin, and Vice President, Jason Goldy represented the seller, Mr. Robert Rankell and also procured the buyer.
The six-story, 60-unit post-war brick elevator building is located on a quiet, tree-lined street typical of this safe, family-friendly neighborhood. The building provides a tranquil oasis away from the hustle and bustle of Manhattan while blending the best of what Brooklyn has to offer. The apartments at the property average 1,050 square feet and rents average $1,295 per month.
The building is bordered by Kings Highway, a street with a range of commercial offerings including restaurants, pharmacies, banks, and national chains, including Starbucks, Rite-Aid, and TJ Maxx. Three blocks north, Avenue M, boasts additional shopping, cafes and restaurants, including traditional delis and bakeries that serve up great homemade soups, freshly-baked breads, and heavenly pastries.
The multifamily property is in close proximity to the B and Q subway lines at the Kings Highway station, and a short distance from the BM1, BM3, and BM4 local and express bus routes.
“Midwood has long been a great residential neighborhood and with a limited supply of multifamily buildings in the area we were able to achieve a price of $293,000 per unit and a 19.5 gross rent multiple,” said Mr. Schechtman.
Founded in 1991, Meridian Capital Group, LLC is one of the nation's largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com