June 6, 2018
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
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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