January 21, 2020
NKF arranged the acquisition of 96 Sterling Pl., a five-story walk-up in Brooklyn’s Park Slope, on behalf of buyers Peak Capital and Rudd Realty. The $10.4-million sale was negotiated by NKF executive managing director Ron Solarz and associate Jonny Yuran.
96 Sterling is an 18,020-square-foot, 25-unit rental property comprised primarily of free-market apartments with below-market rents. Additional income from the building is generated by a cell phone tower located on the roof.
The transaction was the first sale of the building in 40 years. The buyers plan to redevelop the property into luxury rentals.
“96 Sterling Pl. is a unique asset to own in today’s environment, with most of the units being free market,” said Yuran. “The property will be especially attractive to prospective tenants given its value and location in the highly sought-after Park Slope neighborhood.”
For comments, questions or concerns, please contact Paul Bubny