An affiliate of Meridian Properties LLC has acquired 177 Lenox Road, a 16-unit multi-family property in Lefferts Gardens section of the borough. Meridian purchased the property for $2.5 million, a discount from an earlier $4 million contract from another buyer, who abandoned the offer after the new rent laws were passed in June.
“We jumped at the chance to acquire a well-located residential building in excellent condition with 40-year long-term ownership for a great price,” said Michael Niamonitakis, co-founding principal of Meridian Properties LLC. “The reductions in the asking price, were, clearly, influenced by the new rent laws and escalating taxes property owners face today.”
The 19,200-square-foot, four-story circa 1931 building has nine two-bedroom apartments and seven with three bedrooms. The property is 60% occupied.
“As a family business that believes in Brooklyn, we are committed to maintaining our assets in ways that add value for the residents, as well our portfolio,” said Meridian partner Michael Neamonitakis. The units in this building are rent-regulated, which means we are supplying housing at a price point that will continue to support the local community.”
Erik Rodriguez of Rodriguez Commercial Realty represented Meridian and seller Samuel Gay.