Cushman & Wakefield Sells Multifamily Building in Bedford-Stuyvesant
A multifamily building at 317 Putnam Avenue, located between Nostrand and Marcy Avenues in Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $3,350,000.
The three-story walkup building contains approximately 5,900 square feet and sits on a 29.5’ x 100’ lot. It consists of six, three-bedroom two-bathroom units, all of which are free market. The building has been completely gut-renovated with high-end finishes in apartments, as well as new mechanicals, electric, and plumbing. Each apartment has independent utilities, including boiler, hot water heater, and electric meter. The sale price equates to approximately $568 per square foot, and $558,000 per unit.
The property is conveniently located just five blocks from the A/C train at Nostrand Avenue, offering access to Downtown Brooklyn and Manhattan within 20 minutes.
“This transaction was a home run for both parties involved, providing the seller with some of the highest sales metrics on record in the area, while also presenting the buyer with a beautifully renovated asset collecting a compelling and financeable 5.28% cap rate,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction with Bob Knakal, Chairman, New York Investment Sales.