Brooklyn-Based Landlord Buys Hamilton Heights Multifamily Portfolio
Liam La Guerre Nov. 3, 2015, 4:30 p.m.
BZ Investments, a landlord and property management company, has purchased a 90-unit, two-building residential rental portfolio in Hamilton Heights for $14.5 million, Commercial Observer has learned. The seller is Manhattan-based investment firm Castellan Real Estate Partners.
The five-story structures, located at 111 and 148 West 141st Street, are situated across from each other between Malcolm X and Adam Clayton Powell Boulevards. The buildings have a total of 36,935 square feet of space.
“This is a great example of the value that can be created when you combine a well-executed business plan and a thriving multifamily market,” Ariel Property Advisors’ Victor Sozio, who represented the seller, said in prepared remarks.
Mr. Sozio negotiated the deal with colleagues Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis.
Castellan purchased the properties for a total of $5.6 million. The company bought 111 West 141st Street for $4 million in 2010, and 148 West 141st Street for $1.6 million a year earlier, according to property records.
South Brooklyn-based BZ Investments owns and manages a number of multifamily buildings across Kings County.
A representative for BZ Investments did not immediately return requests for comment.