Madison Realty Capital and Steelpoint Property Group Acquire 78 Prospect Park West Multifamily Building in Park Slope for $28 Million - Land.Net News
EW YORK, Sept. 10, 2015 /PRNewswire/ -- Madison Realty Capital (MRC), an
institutionally backed real estate investment firm focused on real estate equity
and debt investments in the middle markets, and Steelpoint Property Group
(Steelpoint), a leading real estate investment and development company,
announced they have acquired 78 Prospect Park West in an off-market transaction
from long-term ownership for $28 million. The seven-story 41,113 SF multifamily
elevator building is located on Prospect Park West between 3rd and 4th Street in
the Park Slope neighborhood of Brooklyn, NY, within the highly coveted P.S. 321
Josh Zegen, Co-Founder and Managing Principal of MRC, and Ben Haghani, Principal of Steelpoint Property Group, jointly made the announcement.
The 78 Prospect Park West property, which was built in the 1920s and has been family owned for roughly 50 years, contains 40 large predominantly one and two bedroom apartments, 10 of which are currently vacant. The joint venture plans to renovate and reposition as many units as possible into high-end luxury apartments and will also initiate a capital expenditure program geared towards modernizing the property and enhancing operating efficiency by maximizing both layouts and the building's existing square footage.