LichtensteinRE Sells a 23 Unit Apartment Building in Brighton Beach, Brooklyn for $4,000,000
Riverdale, New York. (June 25th, 2014) Andrew Lichtenstein, President of LichtensteinRE, exclusively represented the sale of a Brooklyn property for $4,000,000 all cash.
The property is a 4 story walk up apartment building containing 23 large prewar units located at 129 Ocean View Avenue, on the corner of Ocean View and Brighton 1st Street in Brighton Beach. It was built in 1926 and maintained in perfect condition.
The buyer is happy to own a property in such a desirable location. He was able to move quickly with his offer, leaving other bidders disappointed. The buyer’s purchase satisfies its 1031 tax deferred exchange requirements.
The price represents $173,913 Per Unit and $221 Per Square Foot. The actual residential income averages $1,075+/- a month. Rents in the building are below market for the neighborhood presenting big upside potential for the new owner.
The building has 19 large one bedroom apartments and 4 two bedroom apartments. Large apartments are rare and valuable in the city and appreciate most quickly.
The property is located at the heart of desirable Brighton Beach, Brooklyn and walking distance to the Atlantic Ocean’s beaches, the world famous Boardwalk and Coney Island’s attractions.
Like all Brooklyn, the neighborhood is experiencing a real estate boom. ”The Borough has become the “darling” of New York City. In the past, New Yorkers came to Brooklyn because Manhattan was too expensive to afford, but now people come here as a principal destination,” said Andrew Lichtenstein.
Additionally, the property is located in close proximity to the B and Q trains on Brighton Beach Avenue and shopping and restaurants.
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 AL@LichtensteinRE.com