Red Apple Group Acquires Prospect Heights Apartment Building For $69.2M

An apartment building located at 670 Pacific Street in Prospect Heights, Brooklyn has been sold for $69,200,000. The property, consisting of 86 units, spans 61,221 square feet with a price per square foot of $1,131. The transaction took place on February 1, 2018.

Summary of transaction details

• Property Type: Apartment Building
• Transaction Amount: $69,200,000
• Square Footage: 61,221
• Price per Square Foot: $1,131
• Address: 670 Pacific Street, Prospect Heights, Brooklyn

The seller of the apartment building was Read Property Group, represented by Robert Wolf. On the other hand, the buyer was Red Apple Group, with John Catsimatidis and John Catsimatidis, Jr. as the purchasing entities. The deal was facilitated by Yosef Katz, Yisroel Pershin, and Eli Shilian of GFI Realty.

It's worth noting that Catsimatidis overpaid for the property due to a 1031 exchange. Additionally, Catsimatidis is the owner of Gristedes Supermarkets and was previously in talks to acquire Fairway Market a few months ago.