BCB Property Management has bought two apartment buildings from Jonas Equities for $10.3 million, Commercial Observer has learned.
The Brooklyn-based landlord sold the pre-war buildings at 239-241 and 243-245 Ocean Parkway in the Kensington neighborhood, according to GFI Realty Services. Together the contiguous buildings are comprised of 32 two- and three-bedroom apartments. The new tenant plans to renovate the building.
About half the building is currently vacated, according to the broker in the deal, and the remaining apartments are rent stabilized—with rents of $1,000 or less.
Jonas bought the buildings nine years ago for $4.5 million, according to property records.
“[Jonas] just wanted to transition their equity into a cleaner, easier-managed asset,” said Erik Yankelovich of GFI who represented the buyer and the seller in the deal. “[The buyer] liked the opportunity of having a lot of vacant units they could renovate right away…and rent them at market rents.”
BCB Property Management is owned by Debrah Lee Charatan.
This sale puts the value of each rental unit at $323,000, according to a GFI news release.