Vegh of Westwood brokers $26.3 million sale of nine-building Brooklyn portfolio; Acquired by Inception Investors and NorthEnd Equities

Steven Vegh, Westwood Realty Associates

83 East 94th Street - Brooklyn, NY

436 East 34th Street - Brooklyn, NY

642 Wilson Avenue - Brooklyn, NY

BROOKLYN, NY Inception Investors, a privately held multifamily real estate investment company, together with NorthEnd Equities, closed on a portfolio consisting of nine buildings for $26.3 million. The buildings which are located at 1226 Lincoln Place, 1639 Carrol St., 226 Pulaski St., 642 Wilson Ave., 3013-3019 Newkirk Ave., 83 East 94^th St. and 436 East 34^th St. consists of a total of 112 residential units and 100,000 s/f.

The buildings, all walk-ups located in the Bushwick, Crown Heights and Prospect Lefferts Gardens areas, were accumulated over the last five years by Lightstone Management and have undergone a substantial renovation to many of the units and common areas by the previous owners. Inception Investor’s plan is to continue to operate and further improve the buildings as the areas continue to further gentrify.

In October 2014, the same group, which was formed by Ryan Colbert and Chesky Engel in 2012, purchased 1613–1631 Eastern Pwy., a 61 residential unit portfolio with retail space, which is currently being marketed for sale by Steven Vegh of Westwood Realty Associates.

“We are strong believers in the long-term appreciation of these assets and the further growth that Brooklyn continues to show,” said Colbert. “Our deep experience in these markets has shown us that through hard work and fortitude, it is possible to achieve success which both our investors and tenants can enjoy” said Engel. 

Vegh was the sole broker on this off market transaction.