257-Quincy-St-NYC

JV Acquires Three Affordable Multifamily Properties in Brooklyn for $14.4M

by Amy Works

NEW YORK CITY — Avanath Capital Management, in partnership with Oak Tree Management, has acquired three affordable multifamily buildings in Brooklyn. A private investor sold the properties, which total 46 apartment units, for $14.4 million. The properties are a 21-unit building with a mix of rent-stabilized and free-market rental units at 257 Quincy St.; a fully occupied nine-unit property at 570 Jefferson Ave; and an 80 percent-occupied 16-unit building at 308 Stuyvesant Ave. D.J. Johnston of Cushman & Wakefield represented the seller in the transaction. With this portfolio acquisition, Avanath now owns 195 apartment units in Brooklyn.

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