Mann Report | September 30, 2019
MVN Realty LLC and Cra Sa Bay Parkway LLC, both subsidiaries of Meridian Properties, Llc, a full-service Brooklyn-based real estate firm, have sold 8678 Bay Parkway, a 30-unit rental in the Bensonhurst section of the borough to Bayville Arms, LLC for $7,225,000. The transaction, which closed within 90 days, was an all-cash sale. Meridian Properties acquired the asset in 2008 and has divested it as part of a 1031 Exchange.
“Over the years, we implemented multiple upgrades and capital improvements to the property, which is, today, a healthy asset with a consistent rent roll, primarily made up of rent-regulated units,” said Michael Niamonitakis, co-founding principal of Meridian. “The contract was signed before the new rent laws were effective and our original plan was to seek out new opportunities locally. But now, we are looking to invest outside of New York, as the new legislation makes property ownership here untenable.”
Erik Yankelovich and Shlomo Antebi of GFI Realty Services, LLC represented both the buyer and seller in the transaction.