May 19, 2016
Akelius Real Estate Management acquired the six-building, 86-unit Mohawk Apartments in Brooklyn from SK Development. The buyer paid $56.5 million for the contiguous brownstones at 369-379 Washington Ave., and 76-84 St. James Place. The property was built in 1905 and rehabilitated in the 1980s by the seller, which had acquired it in 1984.
“This is the first time the Mohawk Apartments has traded hands in 30 years,” says Peter Von Der Ahe of Institutional Property Advisors (IPA). “With rents currently 50% below market value, the asset presented investors with a rare opportunity to acquire an architecturally significant property with tremendous value-add potential.”
Von der Ahe and IPA’s Joe Koicim, Shaun Riney, James Saros and Michael Salvatico represented the seller, and found the buyer. IPA is a division of Marcus & Millichap.