Meadow Partners pays $4.5M for 8-unit rental in Crown Heights

Meadow Partners through the entity 60 NY Avenue Owner LLC paid $4.5 million to Essex Capital through the entity 229 LLC for the eight-unit rental (C1) at 60 New York Avenue in Crown Heights, Brooklyn.
The deal closed on June 9, 2021 and was recorded on June 29, 2021.
The property has 9,536 square feet of built space and 0 square feet of additional air rights for a total buildable of 6,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $471 per the PincusCo analysis.

The signatory for Essex Capital was Mitchell Rutter. The signatory for Meadow Partners was Jeffrey M. Kaplan.

Mitchell Rutter is CEO of Essex Capital. Jeffrey M. Kaplan is a partner at Meadow Partners.
The former owners according to the Department of Housing Preservation and Development includes Shmary Baumgarten, head officer and Shmaryahu Baumgarten, agent. The business entities were Cbz Management Llc and 60 New York Llc.
Within a 400-foot radius of 60 New York Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 26, 2020 for the $5.3 million renovation of 44,425-square-foot R-1 building with 151 residential units at 1325 Atlantic Avenue.
Of those three items, two were loans above $5 million totaling $31.2 million. The most recent of the two was Lazar Waldman which borrowed $6.4 million from Sands Capital LLC secured by the 3,216-square-foot, two-unit industrial (F5) on 1337 Atlantic Avenue and one other property on February 23, 2021.

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