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Mike Niamonitakis acquires two rent-stabilized building

Meridian Properties’ Mike Niamonitakis has closed on its acquisition of two rent-stabilized buildings at 441 Ocean Avenue and 1745 Caton Avenue from Andrew Glass for $35.25 million. The two Prospect Park South properties span a total of 167,118 SF, and contain 146 units.

  • Ouch: The properties were under contract before state legislators passed the new rent laws.
  • Heard on the Street: Mike Niamonitakis: “It’ll take us a little longer to get to where we need to be, but thank God we negotiated, up until the day before the closing, a reduction in the price.”

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