Madison Realty Capital, Steelpoint Property Group Acquire Brooklyn Multifamily Building for $28M

NEW YORK CITY — Madison Realty Capital and Steelpoint Property Group have acquired 78 Prospect Park West, a multifamily property located at Prospect Park West between Third and Fourth streets in Brooklyn’s Park Slope neighborhood. The long-term ownership sold the seven-story, 41,113-square-foot building for $28 million in an off-market transaction. Built in the 1920s, the property features 40 apartment units, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments, as well as initiate a capital expenditure program to modernize the property and enhance operating efficiencies. Aaron Mazor of TOWN Residential and Jonathan Butwin and Scott Dweck of TOWN Commercial represented both parties in the transaction.