Friday, October 14, 2011

Brooklyn Multifamily Trades for $10.7M

United American Land Company LLC acquired the former 34-unit student dormitory at 184 Joralemon St. in Brooklyn from the Brooklyn Law School for $10.7 million, or about $315,000 per unit. The 12-story, 29,800-square-foot multifamily building was built in 1910 in the Downtown Brooklyn submarket of Long Island. The new owners have plans and designs in place for an early 2012 condo conversion. Isaac Billitzer and Erez Itzhaki with Itzhaki Properties represented the buyer. Billitzer also represented the seller in the deal. Please refer to CoStar COMPS #2180415 for more information on this transaction.

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