Brooklyn , NY — Greysteel, a national commercial real estate investment services firm, has arranged the sale of 185 Prospect Park West for a local private investor.
Representing both the buyer and seller, the transaction was negotiated by Greysteel senior investment associate, Michael Stimler, from the firm’s New York office. The Property closed for 21 x GRM and $725,000 per unit.
185 Prospect Park West, built in 1920, consists of 10 units and is located along one of the most desirable blocks in Brooklyn.
“Three of the 10 units are rent stabilized, and the remaining seven units are free market, which allows for an immediate increase in rental income following lease turnover,” said Mr. Stimler. “With our national platform and shared database, we are able to relocate equity and find purchasers not just across the boroughs but across the country.”