Investment Property Realty Group brokers $16 million sale of multi-family 205 Ashland Pl.

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 205 Ashland Pl. (also known as 30 St. Felix St.), a multi-family building located in the Fort Greene section of the city, for $16 million.

The transaction was negotiated by Donal Flaherty, Derek Bestreich, Luke Sproviero, Adam Lobel and Toby Waring, who represented both the seller, Fredrick Wiener, and the buyer, Jody Kriss.

The sale equates to $1 million per unit and $640 per s/f.

Constructed in 1931, the four-story, 25,000 s/f block-through walk-up wraps from Ashland Pl. onto St. Felix St. and had been held by the same family for two decades. It is located within half a mile of BAM, Barclays Center, and Atlantic Terminal.

The sellers had previously hired several national firms without success. They then attempted a direct sale without a broker, but the deal collapsed due to repeated renegotiations.

The owners subsequently engaged IPRG, which connected them with a 1031 exchange buyer facing a tight acquisition timeline. The transaction moved quickly to contract and closed within 60 days, providing the sellers with an efficient execution after several prior attempts to sell the property.