NEW YORK, NY - Harbor Group International (HGI), a privately-owned international real estate investment and management firm, announced the purchase of a newly built, Class A multifamily property in Brooklyn from Heritage Equity Partners developers Toby Moskovits and Michael Lichtenstein for $117 million. Labeled "The Frederick," the property consists of 193 luxury apartments and is located in the Crown Heights submarket.
Image Capital, LLC partnered in the deal and Westwood Realty Associates brokered the transaction. Sheldon Chanalesof Herrick, Feinstein LLP provided legal counsel to HGI and Ilan Lerman of Jeffrey Zwick and Associates represented Heritage Equity Partners.
"The purchase of The Frederick in the growing Crown Heights neighborhood underscores Harbor Group International's commitment to investing in high-quality assets within well-located areas," said Jordan Slone, CEO of HGI. "With this property, we continue our key objective of acquiring multifamily properties in top-tier markets, especially in areas with strong development and growth potential."
Built in 2017, The Frederick offers an attractive amenity set including a rooftop deck with views of Downtown Brooklynand Manhattan, a fitness facility and tenant lounge, a part-time doorman and onsite parking and storage. Interior units feature high-end finishes such as 9-foot ceilings and solid maple hardwood floors. The kitchens are equipped with stainless steel appliances, granite counters and marble mosaic backsplashes. All units include washers and dryers and several units have balconies.
Crown Heights has experienced substantial development and an influx of new rental and condo developments, as well as a flourishing retail market in recent years. The property is situated near Prospect Park, the second largest public park in Brooklyn, and is in proximity to public transportation, including the 2, 3, 4 and 5 subway lines and the Franklin Avenue Shuttle, providing convenient access to the east and west sides of Manhattan. The Frederick is located within blocks of several restaurants, grocery stores, pharmacies and banks.
Source: Harbor Group International / #Multifamily #Apartments