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Steiner Studios Buys Brooklyn Multifamily for $38M

Read Property Group Sells Renovated Apartment Complex
August 14, 2012
Steiner Studios purchased 140-146 N. 6th St. in Brooklyn, NY from Read Property Group LLC for $38 million, or about $864,000 per unit.

The property is located in the North Brooklyn submarket. It was built in 2008 and recently turned into a rental building after being a condominium property. It was reported the almost half of the property had contracts on specific units at the time of purchase and 25 buyers had their deposits returned. It is now a 44-unit apartment complex, sitting on half an acre zoned R6B. This was the buyer’s upleg in a 1031 exchange.

David Behin represented both parties in the sale.

For more information on this transaction, please refer to CoStar COMPS #2500615.

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