Private Investment Fund Takes Ownership of 719-723 8th Ave. for $12.3M

NEW YORK—A local, private investment fund has purchased 719-723 8th Ave., two 16-unit, four-story apartment buildings totaling 31,100 sq. ft. in Brooklyn’s Park Slope neighborhood, for $12.3 million. The sales price equates to $384,375 per unit and $395 per sq. ft.

Matthew Fotis, a vice president, investments in the Manhattan office of Marcus & Millichap, represented the seller, a private investor. Fotis also represented the buyer, a local private investment fund.

“This is the largest pre-war apartment building that has sold in Park Slope during the past five years,” said Fotis.

Built in 1905 on a 100-ft. by 100-ft. lot, 719-723 8th Ave. is located one block from Prospect Park and is within walking distance to subway stations providing trains to Manhattan.

The properties at 719-723 8th Ave. include six rent-stabilized units, one rent-controlled apartment and 25 deregulated units. Twenty-one of the 32 apartments have been renovated within the past eight years to include new sheetrock, electrical wiring and plumbing, new kitchens and bathrooms and new oak floors. All units have electrical circuit breakers and video intercoms.

Each building has its own laundry room with key card entry. New entryway doors have been installed and the boiler was recently converted to a dual-fuel operating system.

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