Real Estate Weekly (6/7/18): SELLING POINTS: Emerald buys in Yonkers, Catsimatidis purchases in Prospect Heights June 29, 2018

Real Estate Weekly | June 7, 2018

Catsimatidis buys luxury Prospect Heights building

John Catsimatidis’ Red Apple Group has added to its apartment portfolio.

The 76,800 s/f newly built property is comprised of 86 luxury apartments, all of which are currently occupied, and a 90-space, on-site parking garage.GFI Realty Services announced its $69.2 million acquisition of 670 Pacific Street, a luxury eight-story apartment building located in the Prospect Heights section of Brooklyn.

The property is adjacent to the Barclays Centers.

GFI Realty’s Yisroel Pershin represented the buyer and the seller alongside GFI’s Eli Shilian.

The seller was Read Property Group, led by Robert Wolf, which had partnered with the site’s previous owner to develop the property.

The Red Apple Group bought the property as part of a 1031 exchange.

In addition to on-site parking, the development features a gym, residents’ lounge, and a landscaped rooftop and courtyard.


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