NEW YORK CITY—Madison Realty Capital and Steelpoint Property Group have acquired Brooklyn's 78 Prospect Park West in an off-market transaction from long-term ownership.The purchase price for the multifamily building was $28 million. Located in Park Slope, the seven-story elevator building spans 41,113 square feet.
Aaron Mazor of TOWN Residential, along with Jonathan Butwin and Scott Dweck of TOWN Commercial represented both the seller and the buyers in the transaction.
Built in the 1920s and family owned for roughly 50 years, 78 Prospect Park West contains 40 large predominantly one and two bedroom apartments, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments and will also initiate a capital expenditure program to both modernize the property and enhance operating efficiency by maximizing layouts as well as the building's existing square footage.
"78 Prospect Park West is a remarkable property in an irreplaceable location with almost 100 feet of frontage facing Prospect Park,” says Josh Zegen, co-founder and managing principal of MRC.
Adds Ben Haghani, principal of Steelpoint, "It is extremely rare for an elevator building on Prospect Park to trade and we are pleased to acquire this trophy asset at a great basis. Steelpoint looks forward to transforming the property with our partner, Madison Realty Capital, into a high-end rental property.”
The property is located directly across from Prospect Park along one of the most pristine blocks in Park Slope. It also is within close proximity to public transportation, including the 7th Avenue subway station serviced by the F and G trains, the 7th Avenue subway station on Flatbush Avenue serviced by the B and Q trains, and the Grand Army Plaza subway station serviced by the 2, 3, and 4 trains.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
