Meridian
News:
Brokerage
Posted: February 18, 2020
Doshi and Mehra of Meridian sell 10-unit building: $8.3million
Meridian
Meridian
Brooklyn, NY Meridian’s Amit Doshi and Shallini Mehra have sold 144 Willow St. for $8.3 million. The Brooklyn Heights property is a 100% free market building that underwent condo-like renovations in 2018 and benefits from a tax class 2B status. The turnkey building sold for $830,000 per unit or $1,009 per s/f, equivalent to a capitalization rate of 4.5% and a gross rent multiplier of 17.3 times.
Doshi and Mehra represented the seller, Benchmark Real Estate Group. Kim Skarvelis of Cast Iron Real Estate Co. represented the buyer, who was in a 1031 exchange.
Attorney James Patalano of Joshua Stein PLLC represented the buyer in this transaction.
“Brooklyn Heights is one neighborhood that holds value for investors and consistently achieves premium pricing, often in line with prime Manhattan neighborhoods,” said Mehra.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE completes $211m acquisition of 250 Madison Ave.
Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring
.jpg)
Quick Hits
.gif)
Columns and Thought Leadership
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
.gif)