Meridian Closes Off-Market Deal for 421-a Williamsburg Multifamily

Meridian’s Chirag Doshi and Amit Doshi recently sold 144-148 N. 10th St., a 22-unit multifamily property currently in the 421-a tax abatement program in Brooklyn’s Williamsburg neighborhood. The eco-friendly property, which sold for $18.5 million, was built in 2006. 

Chirag and Amit Doshi represented both the seller, the Herschenfeld and Genet families, and the purchaser, Lineaire Group, in this off-market transaction. All units will be deregulated upon expiration of 421-a in 2024. 

“421-a deals such as 144-148 N. 10th continue to be in strong demand by investors who recognize the value of what will soon be a fully fair market asset,” said Chirag Doshi. For Lineaire,”the ability to mark to market rents and yield a 40% increase in income in a prime location of New York was a much more compelling investment strategy than buying a hyper-compressed cap rate with aggressively projected rent growth for similar assets out of state.”