Brooklyn-based Jonas Equities has closed on a multifamily building in Brooklyn by way of a 1031 title exchange, Commercial Observer has learned.
The real estate investment company bought 175 Ocean Parkway from Meridian Properties for $11 million, according to GFI Realty Services. The 39-unit rental building sits between Church and Caton Avenues in the Kensington section of Brooklyn. All of the apartments are rent stabilized and are mostly occupied.
“Over the past several months, we’ve been able to [work] with Jonas Equities and help them realign their investment strategy,” said Erik Yankelovich of GFI Realty Services, who represented both the buyer and the seller, in prepared remarks. “Utilizing our key relationships with property owners across New York City, we’ve helped them transition their capital away from other assets and into these latest acquisitions.”
Jonas Equities bought the four-story walk-up by way of a 1031 title exchange after selling 241-245 Ocean Parkway in May, according to the brokerage. The firm sold the pre-war building to BCB Property Management for $10.3 million, as CO reported. The company netted a hefty profit off of that sale, since it paid $4.5 million in 2006.
Mr. Yankelovich told CO in May that Jonas Equities was looking to change up its portfolio. The firm shelled out $14.3 million for 15-21 Crooke Avenue in Prospect Park South, CO reported in June. Jonas Equities also owns 147 Ocean Avenue and 115 Ocean Avenue, according to GFI.