Steinmetz and Velotta of Meridian Capital Group broker $10.5 million sale

Brooklyn, NY Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a mixed-use property located in Prospect Lefferts Gardens for $10.5 million. Meridian managing directors, Mark Steinmetz and Richard Velotta, represented the seller, Midwood Associates LLC, and the buyers Yechiel Weinberger and Parkway Realty. The property sold is a four-story, 35,120 s/f mixed-use property, containing 40 apartment units and six retail spaces and is located at 1130 Nostrand Ave. (aka 292 Midwood St.) Built in 1926, the pre-war property is situated on a tree-lined street and offers tenants close proximity to a variety of restaurants, shops, and public transportation, including the 2 and 5 subway lines at the Sterling St. and the Winthrop St. stations, as well as the B, Q and S subway lines at the Prospect Park station. Tenants also enjoy a short walk to Prospect Park. “Meridian’s close relationship with both the buyer and the seller allowed for us to complete this transaction in less than two weeks,” said Steinmetz.