ZT Realty Puts 18-Building Brooklyn Portfolio on the Market for $80M
Lauren Elkies Schram Oct. 13, 2016, noon
If someone is looking to snap up 18 buildings amassing 174,378 square feet in several central and northern Brooklyn neighborhoods, they are in luck. There is such a portfolio available for $80 million, with a 4.61 percent cap rate.
Peter Tessler’s ZT Realty has tapped a Marcus & Millichap team of Peter Von Der Ahe, Joe Koicim, Shaun Riney and Michael Salvatico to market the properties, which include 207 units—79 free-market, 122 rent-stabilized, one rent-controlled and five commercial units, according to the offering memorandum. The average residential rent is currently $1,989 per month.
The properties are in various neighborhoods—Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant—and were purchased at different times. They include 244 New York Avenue (purchased in April 2012 for $1 million), 147 Grand Street (acquired in April 2016 for $4.2 million) and 135 Devoe Street (picked up in July 2016 for $1.7 million).
Tessler didn’t immediately respond to a request for comment and nor did Von Der Ahe.