LichtensteinRE negotiates $3,850,000 Sale Contract for its Exclusive Property in Bay Ridge, Brooklyn
Riverdale, New York. (October 30th, 2014) Andrew Lichtenstein, President of LichtensteinRE, negotiated the sales contract of the property located at 194 Gelston Avenue between 92nd and 94th streets in the Bay Ridge section of Brooklyn, for $3,850,000 cash. The price and “as is” sales terms of the contract satisfy the long term seller’s requirements.
The 100% occupied property is a 4 story walk up apartment building containing 20 large one and two bedroom prewar apartments. 75% of them have renovations.
The average monthly rent is $1,272 which is far below market for this neighborhood presenting a big upside potential for the buyer. The price offered represents $192,500 Per Unit and $241 Per Square Foot.
“The buyer, who owns multiple properties in the neighborhood and Manhattan is very excited about the opportunity of owning such a clean and well maintained building at this great location,” said Andrew Lichtenstein.
The building, built in 1928, is maintained spotlessly and is in mint condition by its owner of more than 40 years. Andrew Lichtenstein says, “The current ownership consists of a family whose patriarch predates the 1928 construction of the building.”
The property has 16,000 usable square feet built 55 x 89 on a 55 x 100 lot and is zoned R5B/BR.
The building is located in Bay Ridge, Brooklyn in a quiet and beautiful block. At the same time, it is around the corner of the 5th Avenue shopping district, the subway station serving the R train and the local public school.
The property was marketed exclusively by Andrew Lichtenstein. LichtensteinRE has been actively selling multifamily property for its clients in and around New York City.
LichtensteinRE specializes in the exclusive sales of multifamily and mixed use commercial real estate properties in New York City’s 5 boroughs. LichtensteinRE is a full service Commercial Real Estate Sales, Financing and Advisory Service Boutique based in New York City, the financial capital of the world. LichtensteinRE’s proven experience, track record, financing ability, exclusive buyers and connections with tens of thousands of property owners assures their selling clients the best possible price when a landlord owner wants to sell their property.
DoctorMortgage, which is LichtensteinRE’s financing division, has been a leader in commercial real estate mortgage debt financing since 1991. DoctorMortgage is able to negotiate and facilitate financing to deliver the best price, leverage and return on investment possible.
LichtensteinRE’s greatest ability is creativity and problem solving. After selling the owner’s property, LichtensteinRE has assisted successful sellers in locating replacement 1031 tax deferred exchanges and in some cases has more than doubled the seller’s net income post-closing. To learn more contact Andrew Lichtenstein at (800) 242-9888 or AL@LichtensteinRE.com