Vegh of Westwood Realty Associates reps buyer and seller in $18 million sale of 885 Park Avenue, Brooklyn

Steven Vegh of Westwood Realty Associates has completed the $18 million sale of 885 Park Ave. to Arik Lifshitz at DSA Property. The building is stabilized with ground floor duplex apartments, a rooftop, and amenity space in Bushwick. The property consists of 50,000 s/f with 37 apartments. The seller, Silverstone Property Group, bought the property in 2012 for $10 million. They were able to vacate most of the existing tenants and convert the building to a high-end residential loft building in a warehouse setting. Vegh represented buyer and seller in the off-market deal. "The seller had an amazing vision when they purchased the property and was able to execute well. Arik bought a great stabilized property in an up and coming area of Bushwick where rents continue to grow," said Vegh.