Rizaro Management has paid $123 million for Privet Capital's Park & Coast bulk portfolio of 11 multifamily communities located in Brooklyn, NY. The properties total 820 rental units, for an average price of $150,000 per key.
The properties are all located near the water in Sheepshead Bay, Crown Heights, Brighton Beach or Prospect Park. The buildings total 871,833 square feet, and were built in the 1920s and 1930s in the North and South Brooklyn submarkets on Long Island. They include:
60 units at 2147 E 17th St.
169 units at 3100 Brighton 2nd St.
78,000 square feet at 3130 Brighton 7th St.
44,000 square feet at 219 Brightwater Ct.
238 units at 231 Brightwater Ct.
113,952 square feet at 486 Brooklyn Ave.
56 units at 645 Ocean Ave.
104,280 square feet at 699-711 Ocean Ave.
50 units at 855 Ocean Ave.
88 units at 350 Sterling St.
101 units at 901 Washington Ave.
Paul Leibowitz with CBRE brokered the deal for the seller.
Please see CoStar COMPS #2241035 for additional information on this transaction.