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

925 Prospect Place, 255 East 18th Street & 2815 Beverley Road
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This MultiFamily property located in NY was sold for $27,000,000 about 4 years ago. The brokers of the deal were Amit Doshi, Shallini Mehra, and Jonathan Shainberg

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.

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Deals
  • Location
    925 Prospect Place, Crown Heights, Brooklyn, NY, USA925 Prospect Place, Crown Heights, Brooklyn, NY, USA
  • Sale Price
    $27,000,000$27,000,000
    $147 PPSF$147 PPSF
  • Area
    182,980 SF182,980 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Jonathan Shainberg

Jonathan Shainberg

Deals8
Sold$103.5M

Amit Doshi

Amit Doshi

Deals58
Financed$966.7M

Agency

Meridian Capital Group

Meridian Capital Group

Agency
Deals2403
Volume$65.9B

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Deal Summary

SALE IMAGE: @MiikePistilli, Joe Pistilli, Amit Doshi, Shallini Mehra & Jonathan Shainberg DATE: 02/11/2020 ADDRESS: 925 Prospect Place, 255 East 18th Street & 2815 Beverley Road MARKET: Crown Heights, Prospect South Park, Flatbush, Brooklyn ASSET TYPE: Multifamily SELLER: Janna Rossetti - Renaissance BUYER: Joseph & @MiikePistilli @PistilliRealty BROKERS: Amit Doshi, Shallini Mehra, and Jonathan Shainberg @TeamDoshi @Meridian.Capital.Group PRICE: $27,000,000 SF: 182,980 / PPSF: $148 UNITS: 190 / PPU: $142,105 CAP: 5.1% / GRM: 10.4

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925 Prospect Place, 255 East 18th Street & 2815 Beverley Road

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