Apartment Building At 15 Crooke Avenue, By Parade Ground, Sold For $14.25 Million

Thanks to a tip from a neighbor, we learned that the six-story, 54-unit apartment building at 15 Crooke Avenue, situated near the Parade Ground between Parade Place and St. Paul’s Place, just sold for a hefty $14.25 million, according to records filed with the city this week.

Jonas Equities, which is based at 725 Church Avenue and is identified as Buddy Equities in the property records filed with the city for this transaction, purchased the property from 15-21 Crooke LLC — which bought the apartment building for a little more than $3 million in May 2003, according to city records.

This sale is one of a series of similar transactions in the area, including Goldmont Realty’s recent purchase of a six-story, 83-unit building at 1834 Caton Avenue, just around the corner from the Crooke Avenue site, for $18.5 million.

As with the Crooke Avenue site, that sale is significantly higher than its previous purchase price — the Caton Avenue building sold for $11 million just two years ago.

Both of these buildings are located near the former Caledonian Hospital, which was purchased in 2007 for $15.6 million and turned into an apartment building now known as 123 on the Park. There, almost all the apartments (all one-bedrooms and one studio) up for rent are listed for more than $3,000 a month.

Another massive project, Hudson Companies’ 626 Flatbush Avenue — a 23-story, 254-unit that has been vehemently contested by community members — is also located not far from these properties.

What do you think of the recent sales and new developments?