Kings Capital Acquisition Acquires Multifamily Buildings In Brooklyn For $9.6M

Kings Capital Acquisition has acquired a pair of multifamily buildings located at 148-150 Clinton Street in Brooklyn. The transaction took place on 10/12/2022, with a sale price of $9,600,000. The buildings have a total square footage of 15,512, resulting in a price per square foot of $619. This acquisition aligns with Kings Capital's strategy of seeking value-add, development, and redevelopment deals in the boroughs of New York, as well as multifamily assets in Texas and Florida.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $9,600,000
• Address: 148-150 Clinton Street, Brooklyn
• Market: Brooklyn

Involved in the transaction were George Giannapoulos and Jeffery Znaty from Kings Capital Acquisition as the buyers. James Nelson, Fritz Richter, Noah Kossoff, and Joseph Moran from Avison Young represented the seller. The properties were delivered mostly vacant at closing and are conveniently located close to the Borough Hall train station. In addition, they provide easy access to hospitality, shopping, and the downtown Brooklyn corporate hub. This acquisition marks another successful deal for Kings Capital as they continue to expand their multifamily portfolio in strategic locations.

Kings Capital is actively looking for new opportunities in value-add, development, and redevelopment deals in the boroughs of New York, as well as multifamily assets in Texas and Florida. For any potential deals, they can be contacted at [email protected]. The successful closing of this transaction would not have been possible without the collaboration and efforts of all parties involved.