Mark Schwartz Purchases Three Crown Heights Multifamily Buildings From Rikud Realty For $7.6M

The asset involved in this transaction is a multi-family property located at 1018 Eastern Parkway, 1074 Eastern Parkway, and 1392 Sterling Place in the Crown Heights market of Brooklyn. The buildings were sold for a price of $7,600,000, encompassing a total of 88 units, which brings the price per unit to approximately $86,364.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $7,600,000
• Units: 88
• Price Per Unit: $86,364
• Buyer: Mark Schwartz
• Seller: Rikud Realty

Mayor Zohran Mamdani is backing the foreclosure sale of the three rent-stabilized buildings, highlighting the transaction's significance in the local market. The deal signifies a substantial investment in maintaining rental units in a neighborhood known for its diverse housing stock.