Meridian
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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.
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