Harbor Group International, a privately-owned investment and management firm, announced the purchase of The Frederick apartment building in Crown Heights for $117 million.
The newly built, Class A property located at 560 St John’s Place, was developed by Heritage Equity Partners’ Toby Moskovits and Michael Lichtenstein and consists of 193 luxury apartments.
Image Capital, LLC partnered on the deal and Westwood Realty Associates brokered the transaction.
Sheldon Chanales of Herrick, Feinstein LLP provided legal counsel to HGI and Ilan Lerman of Jeffrey Zwick and Associates represented Heritage Equity Partners.
“The purchase of The Frederick in the growing Crown Heights neighborhood underscores Harbor Group International’s commitment to investing in high-quality assets within well-located areas,” said Jordan Slone, CEO of HGI.
“With this property, we continue our key objective of acquiring multifamily properties in top-tier markets, especially in areas with strong development and growth potential.”
Built in 2017, The Frederick offers a rooftop deck with views of Downtown Brooklyn and Manhattan, a fitness facility and tenant lounge, a part-time doorman and onsite parking and storage.
Interior units feature high-end finishes such as 9-foot ceilings and solid maple hardwood floors. The kitchens are equipped with stainless steel appliances, granite counters and marble mosaic backsplashes. All units include washers and dryers and several units have balconies.
The property is situated near Prospect Park, the second largest public park in Brooklyn, and is in proximity to public transportation, including the 2, 3, 4 and 5 subway lines and the Franklin Avenue Shuttle, providing convenient access to the east and west sides of Manhattan. The Frederick is located within blocks of several restaurants, grocery stores, pharmacies and banks.