A partnership of The Dermot Co., Principal Real Estate Investors and PGGM have acquired the eight-story The Vitagraph in Brooklyn, N.Y., from Northlink Capital for $180 million. The market-rate multifamily building is in the borough’s Midwood neighborhood.
The 302-unit property located at 1277 E. 14th St. was constructed in 2020 and offers one-, two- and three-bedroom residences, ranging from 651 square feet to 1,109 square feet. Apartment amenities include a smart access system, hardwood floors, quartz countertops, stainless steel appliances, washer/dryers and private balconies/terraces in select units.
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Residents have access to conveniences that include an indoor and outdoor children’s play area, a courtyard, 24-hour doorman, a lounge, a business center, a fitness center and a rooftop patio.
The Vitagraph is directly across the street from the Avenue M subway station, providing residents with access to downtown Brooklyn and Lower Manhattan. The building is within walking distance of dining, entertainment and shopping venues along Avenues J and M. It is near the Ditmas Park and Kensington neighborhoods and the Kings Highway and Coney Island Avenue retail corridors.
Dermot, Principal and PGGM were represented by in-house personnel in the purchase. Jeffrey Julien, Steven Rutman, Ethan Stanton, Rob Hinckley, Brendan Maddigan and Stephen Palmese with JLL Capital Markets represented Northlink.