BROOKLYN HEIGHTS — A RENTAL APARTMENT BUILDING ON A RESIDENTIAL STREET was sold at a $7 million loss, even though it had been renovated with upgraded amenities, reported Crain’s New York Business this week. A filing in the NYC Department of Buildings city register showed a Sept. 16, 2024 termination of a UCC3 loan (mortgage or lien) on 25 Monroe Place, a one-block street that runs southbound between Clark and Pierrepont streets, with an Appellate Court building on its west side and a church on the opposite side. According to the city register, Benchmark sold it for $43 million, some $7 million less than its purchase price. Since its 2015 purchase of 25 Monroe Place, Benchmark had also made renovations, including adding a gym and upgrading a lobby. It also renovated some of the rent-stabilized apartments and flipped them at market value. Buyer Ben-Josef Group Holdings bought 25 Monroe Place at a prorated amount of $650,000 per apartment. The sale losses are being attributed to decreasing value and the allure of buildings with rent-regulated tenants, particularly after state laws were enacted that favor tenants.