Meridian Properties acquires Brooklyn multifamily; Bestreich of Bestreich Realty was the sole broker

Brooklyn, NY Meridian Properties, LLC has acquired a multifamily property located at 242-244 Hawthorne St. in Prospect Lefferts Garden area for $6.1 million, with a 6.5% cap rate. 

Both parties were represented in the transaction by Derek Bestreich of Bestreich Realty Group. The buyer’s lender was Investors Bank and the property has a 421A tax abatement.

“This purchase offered excellent value for the right price and a cap rate that was actually a half point higher than originally estimated,” said Michael Niamonitakis, co-founding principal of Meridian. “It’s a relatively new building in a great neighborhood where we already own another asset directly across the street.”

Built in 2016 and designed by architect Samuel Weider Associates, the fully occupied 14-unit multifamily property features two one-bedroom residences, 10 two-bedroom residences, and two three-bedroom residences. 

Meridian Properties has owned neigboring property 245 Hawthorne St., a 78-unit prewar multifamily property, since 2014.