Clinton Hill Rent-Stabilized Portfolio Sells for $38M
Terence Cullen May 6, 2015, 1:15 p.m.
A cluster of rent-stabilized apartment buildings in the Clinton Hill area of Brooklyn have sold for $38 million, property records indicate.
The four contiguous buildings, dubbed the Washington Flats Portfolio—425 and 435 Grand Avenue, 29 Putnam Avenue and 90 Downing Street—were sold to Lori Casey of EastCoast MIG, according to Cushman & Wakefield. They make up a combined 104,365 square feet and 129 rental apartments.
Bernard Miller of Parkway Realty Associates—listed in property records as Washington Flats LLC—sold the building.
In the end, the sale, which closed on April 15 and was recorded with the city last Friday, works out to a value of $364 per square foot.
“With an abundance of new retail and upwards of 8,000 new residential units coming to market in this once undervalued portion of Clinton Hill, appetite for assets such as the Washington Flats Portfolio has surged,” Stephen Palmese of C&W, said who represented both the buyer and the seller in the deal, in prepared remarks. “This portfolio offers investors the opportunity to drastically add value as over 90 percent of the units are rent-stabilized.”
Three of the units are rent-controlled, four are market-rate and the remaining 121 apartments are rent-stabilized. Fifty-two of those rent-stabilized units are part of the Housing Preservation and Development agency’s Home Program, which gives housing to low-income tenants.
Washington Flats Portfolio fronts Putnam Avenue between Grand Avenue and Downing Street, and has 150 feet each along Grand Avenue and Downing Street, according to C&W. The buildings are a mile walk from the Atlantic Terminal mall.