North Bushwick just logged another eight-figure rental trade, with Parkview Properties paying $13.1 million for 73 Starr St., a five-story, 24-unit building scooped up in an off-market deal. The property comes with a 421-a tax abatement that preserves long-term tax savings for the buyer. On the numbers investors care about, the sale works out to roughly $546,000 per unit and about $565 per square foot.
As reported by The Real Deal, the buyer was an entity tied to Parkview Properties of Great Neck and the seller was an LLC connected to ManageGO president Laza Waldman. Public property records show the building was completed in 2017 and totals about 23,179 square feet, according to PropertyShark. Listings highlight typical Bushwick-style amenities, per StreetEasy. The size and layout help explain why investors were comfortable paying a mid-$500 per-square-foot basis for the asset.
Deal Details
Bijou Equities said broker Fred Bijou represented both the buyer and seller in the off-market transaction, a setup that kept the marketing quiet but clearly did not dampen interest. The firm pointed to strong demand for tax-abated, stabilized product in the current environment. "421-A new construction deals continue to see strong demand, especially when the basis makes sense," Bijou told the New York Real Estate Journal. NYREJ reported the sale equates to about $546,000 per unit and roughly $565 per square foot.
What It Signals
Transactions like 73 Starr are surfacing as investors chase stabilized, tax-advantaged stock while ground-up development runs into headwinds, industry trackers say. The Real Deal listed the trade among a busy week of borough deals, a reminder that capital is still circulating at the neighborhood level even if the cranes are a bit quieter. For tenants, a change of ownership does not automatically translate to rent shifts, though new landlords often revisit leasing and capital-improvement plans after taking over.
Bijou Equities said it is marketing similar multifamily and mixed-use opportunities throughout Brooklyn, according to the New York Real Estate Journal. The Parkview acquisition at 73 Starr St. underlines that investors are still putting money into neighborhood-scale rental stock despite broader uncertainty on the development front.
