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Brokerage
Posted: August 2, 2016
Steinmetz and Lieberman of Meridian sell 62,740 s/f multifamily in Brooklyn for $16.625 million
743-755 Fenimore Avenue -Brooklyn, NY
Brooklyn, NY Meridian Investment Sales recently sold a multifamily property located at 743-755 Fenimore St. to 743 Fenimore Associates LLC for $16.625 million on behalf of Ace Fenimore LLC, which acquired the property in 1991. Meridian director, Mark Steinmetz and managing director, Lipa Lieberman, represented the seller and procured the buyer. The sale price equates to a 4.2% cap rate.
Lipa Lieberman, Meridian743-755 Fenimore St. is a 62,740 s/f elevatored multifamily building, built in 1964, and has an alternate address of 544-566 Troy Ave. The seven-story property is composed of 93 rent-stabilized apartments and features a mix of studio, one bedroom and two bedroom units. 743-755 Fenimore St. is located in the Flatbush area of the borough and sits at the northwest corner of Fenimore St. and Troy Ave. with a parking lot extending to the corner of Rutland Rd.
Mark Steinmetz, Meridian“The property is located on the Eastern Boundary of Prospect-Lefferts Gardens, a gentrifying area that should see significant rent growth over the next five to 10 years,” said Steinmetz.
Founded in 1991, Meridian Capital Group is one of the nation’s leading commercial real estate finance advisory firms and America’s most active debt broker. In 2015, Meridian closed 3,900 loans totaling more than $35 billion in transaction volume with 210 unique lenders, equating to $135 million per business day. Since its inception, the Company has closed more than $240 billion in transactions with the full complement of capital providers, including local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian arranges financing for many of the world’s leading real estate investors and developers, and it’s expansive platform has specialized practices for a broad array of property types, including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Florida and California
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