Meridian Properties pays $13.8M for 48-unit rental in Bay Ridge

Meridian Properties through the entity M&M Shore LLC paid $13.8 million to Estate of Amelia Raymond and Christine Raymond Martin through the entity Christine Raymond Martin for 48-unit rental (D1) at 9949 Shore Road in Bay Ridge, Brooklyn.
The deal closed on June 29, 2021 and was recorded on July 15, 2021.
The property has 60,822 square feet of built space and 0 square feet of additional air rights for a total buildable of 52,124 square feet according to PincusCo analysis of city data. The sale price per built square foot is $226 per the PincusCo analysis.
The signatory for Estate of Amelia Raymond and Christine Raymond Martin was Christine Raymond Martin. The signatory for Meridian Properties was Michael B. Niamonitakis.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
The former owner according to the Department of Housing Preservation and Development was Christine Raymond Martin, head officer. The business entity was Estate Of Amelia & Frederick Rayymond.
Within a 400-foot radius of 9949 Shore Road, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
There were two new building permits. The most recent of these two items was a permit on May 11, 2021 for a 15,947-square-foot residential R-2 building with 13 residential units at 9964 3rd Avenue.

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