June 6, 2018 Comments Off on Luxury Prospect Heights Apartments Trade in 1031 Exchange Views: 4025 New York News, Outer Boroughs New York

Luxury Prospect Heights Apartments Trade in 1031 Exchange

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John Catsimatidis’ Red Apple Group has acquired 670 Prospect St., a newly built luxury rental apartment in Brooklyn’s Prospect Heights neighborhood, for $69.2 million as part of a 1031 exchange. The seller was Red Property Group, led by Robert Wolf, which had partnered with the site’s previous owner to develop the property.

GFI Realty’s Yisroel Pershin served as lead broker, representing the buyer and the seller, alongside GFI’s Eli Shilian. For Red Apple Group, the addition of 670 Prospect complements the company’s Brooklyn portfolio of ground-up residential developments.

The 76,800-square-foot 670 Prospect contains 86 apartments, all currently occupied. It’s adjacent to the Barclays Center, which doubles as a major concert venue and as the home of the Brooklyn Nets and New York Islanders.

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