Brooklyn-based real estate firm acquires 177 Lenox Road
An affiliate of Meridian Properties, LLC, a full-service Brooklyn-based full-service real estate firm, has purchased 177 Lenox Road, a 16-unit multi-family property, located between Bedford and Rogers Avenues in the Lefferts Garden section of the borough. Meridian purchased the property for $2.5 million or approximately 30 percent of the most recent contract, which the buyer walked away after the new rent laws in June. The original contract price for the property, which is 60 percent occupied, was $4 million.
“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,” points out 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.”
Adds his partner Michael Neamonitakis, “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. 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.”
The 19,200-square-foot, four-story circa 1931 building has nine two-bedroom apartments and seven with three bedrooms.
Both purchaser, Meridian Properties, LLC, and seller, Samuel Gay, were represented by Erik Rodriguez of Rodriguez Commercial Realty.
About Meridian Properties
Meridian Properties Llc is a real estate investment and management firm with a focus on multi-family and mixed-use properties in Brooklyn. Founded in 1985 by the Niamonitakis and Neamonitakis families, the company owns and/or manages prewar and post-war assets throughout the borough, comprising approximately 3,500 residential units. From Bay Ridge to Flatbush, Prospect Heights to Cobble Hill and Bensonhurst to Midwood, Meridian Properties’ mission is to provide housing that is affordable and centrally located in well-established communities.
For more than three decades, Meridian Properties Llc has invested in assets for the long-term. It is a hands-on management and ownership organization, committed to providing premier service for the residents in all our properties. For more information, reach out to info@meridianproperties.com.
