Joseph & Mike Pistilli Of Pistilli Realty Acquire Multifamily Portfolio In Crown Heights, Brooklyn For $27M

The recently closed transaction in Crown Heights, Prospect South Park, and Flatbush, Brooklyn involved the sale of a multifamily property. The property is located at 925 Prospect Place, 255 East 18th Street, and 2815 Beverley Road. It spans across approximately 182,980 square feet, with a price per square foot of $148. The total transaction price was $27,000,000, resulting in a capitalization rate of 5.1% and a gross rent multiplier of 10.4. The property consists of 190 units, with each unit being sold at an average price of $142,105.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $27,000,000
• Number of Units: 190
• Average Price per Unit: $142,105
• Average Price per Square Foot: $148
• Capitalization Rate: 5.1%
• Gross Rent Multiplier: 10.4

In this transaction, Janna Rossetti from Renaissance acted as the seller. Joseph and @MiikePistilli from Pistilli Realty were the buyers. The deal was facilitated by brokers Amit Doshi, Shallini Mehra, and Jonathan Shainberg from Team Doshi at Meridian Capital Group.