Cheever Development Acquires Multifamily Buildings In Brooklyn Heights For $8M

Two mixed-use buildings in Brooklyn Heights were recently sold in a closed transaction. The assets, located at 99 and 103 Atlantic Ave, were sold as a package deal. The multifamily properties offer a total square footage of 10,875. The sale took place on May 10, 2019.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $8,000,000
• Price per Square Foot: $735
• Market: Brooklyn

The seller of the properties was Itzhaki Acquisitions, represented by Erez Itzhaki and Gil Boosidan. The buyer, Cheever Development, was represented by Matt Lonuzzi. The transaction was facilitated by brokers Sean R. Kelly, Esq, and David Khukhashvili.

The package deal of these Brooklyn Heights mixed-use buildings offers a 5.25% Cap Rate. The acquisition provides a significant investment opportunity within a desirable location.