Von Der Ahe and Koicim of Institutional Property Advisors completes $56.5 million sale of 86 units with Riney, Saros and Salvatico of Marcus & Millichap
Brooklyn, NY According to Institutional Property Advisors (IPA), a division of Marcus & Millichap, it has completed the sale of Mohawk Apartments, a six-building, 91,514 net rentable s/f multifamily property. Purchased for $56.5 million, the sale of the 86-unit property equates to more than $657,000 per unit.
Peter Von Der Ahe and Joe Koicim of IPA, along with Shaun Riney, James Saros and Michael Salvatico of Marcus & Millichap represented the seller and procured the buyer.
Built in 1905 and rehabilitated in the 1980s using federal historic preservation tax credits, the asset encompasses six buildings on a 2.61-acre parcel. The buildings are located at 369-379 Washington Ave., and 76-84 Saint James Place and are composed of a mix of one-, two- and three-bedroom apartments, as well as a commercial unit.
“This is the first time the Mohawk Apartments has traded hands in 30 years,” said Von Der Ahe. “With rents currently 50% below market value, the asset presented investors with a rare opportunity to acquire an architecturally significant property with tremendous value-add potential.”
“When Mohawk Apartments was rehabilitated in the 1980s, the interior was rebuilt with large loft layouts, which are conducive to a long-term condominium conversion program and present further opportunity for the new owner to unlock additional value,” said Joe Koicim of IPA.
“Clinton Hill is one the most charming submarkets in New York City. There was substantial competition on this property resulting in all-cash transaction at an above market rent multiple,” said Shaun Riney of Marcus & Millichap.
Mohawk Apartments, 369-379 Washington Avenue and 76-84 Saint James Place - Brooklyn, NY