Multifamilies are Hot Properties in Brooklyn

BROOKLYN- Brooklyn is a hot borough for multifamily sales. Aaron Jungreis, executive VP of Sales at GFI Realty Services Inc. closed the sale of a 1,050-unit apartment portfolio last week. The apartments, in 11 buildings across Brooklyn, sold for $60 million. And in news exclusive to GlobeSt.com, the Vintage Group, to further diversify its multi-family portfolio in New York City, purchased a 35-unit affordable housing property in Brooklyn. Vintage paid $1.45 million for 724-26 DeKalb Ave., on the border of Bedford-Stuyvesant and downtown Brooklyn.

“The multifamily housing market in Brooklyn is seeing a lot of interest from investors and developers,” Scott Jaffee, Vintage’s managing director in charge of the firm’s subsidized housing division, tells GlobeSt.com. “And throughout the borough, neighborhoods are seeing an upswing in activity for the first time in years, including the area of our recent acquisition.”

The 1,050-unit portfolio, acquired by a New York-based investor from Prime Realty, represents one of the largest multifamily transactions in the outer boroughs since Fresh Meadows Apartments with 3,285 units sold in November of 2001. The buildings, which are mostly walk-ups, are located in the Park Slope, Midwood, Flatbush, and Crown Heights sections of Brooklyn.