Cushman & Wakefield Sells Apartment Building in Bay Ridge
An apartment building at 316 68th Street, located between Third and Fourth Avenues in Brooklyn’s Bay Ridge neighborhood, was sold in an all-cash transaction valued at $3,700,000.
The four-story, walk-up building contains approximately 15,390 square feet and sits on a 50’ x 100’ lot. The property consists of 20 units, of which 19 are rent stabilized and one is rent controlled. The sale price equates to approximately $240 per square foot.
The property is conveniently located around the corner from the Bay Ridge Avenue R train station, providing direct access to Downtown Brooklyn and Manhattan in approximately 30 minutes. The property is also near the BQE and Shore Parkway. Additionally, it is located on a quiet tree-lined street near prime retail shopping and dining on Third, Fourth, and Bay Ridge Avenues.
“Our extensive marketing process combined with the seller’s efforts and foresight into the neighborhood led to over 25 competing offers and ultimately a purchase price of nearly double what was paid in 2013,” said Cushman & Wakefield’s Brendan Maddigan, who exclusively handled this transaction along with Aaron Warkov. “The metrics of this deal provide some key insight into the 2015 Brooklyn market. Specifically, that investors are looking deeper into the borough for opportunities and see the future growth potential of neighborhoods like Bay Ridge,” added Warkov.