Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained Exclusively To Sell The East Williamsburg Collection - Three Multifamily Buildings In Brooklyn

10/11/2013

Massey Knakal Realty Services has been retained on an exclusive basis to sell The East Williamsburg Collection, an exceptional multifamily portfolio consisting of both new construction and newly renovated buildings at 64-68 Maspeth Avenue, 65 Maspeth Avenue, and484 Humboldt Street in Williamsburg, Brooklyn.  The buildings total approximately 72,333 square feet, 66 residential units and four community facility retail spaces and have a combined asking price of $42,000,000.

All three properties are located within a five block radius of one another and offer a tremendous amount of immediate upside to investors.  Ownership will consider either an outright portfolio sale or the sale of individual assets.  64-68 Maspeth Avenue, a four-story building located between Kingsland Avenue and Conselyea Street, contains approximately 22,500 square feet on a 75’ x 100’ lot, with 24 residential units.  65 Maspeth Avenue, a seven-story building located between Kingsland Avenue and Conselyea Street, contains approximately 28,430 square feet on a 75’ x 65’ irregular lot with 25 residential units and four community facility retail spaces.  484 Humboldt Street, a three-story building located between Richardson and Frost Streets, contains approximately 21,403 square feet on a 51’ x 106’ lot with 21 residential units.

This portfolio is conveniently located in the East Williamsburg neighborhood of Brooklyn, one of New York City’s fastest growing residential neighborhoods.  The properties are less than six blocks from the Graham Avenue L subway station, providing immediate access to Manhattan in three stops, as well as the Graham Avenue corridor, one of the primary retail and commercial thoroughfares in Williamsburg.

The East Williamsburg Collection benefits from efficient apartment layouts, a diverse unit mix, protected views and close proximity to public transportation.  In New York City’s outer boroughs,rental properties located close to transportation and retail and commercial hubs have historically outperformed the rest of the marketplace and this portfolio will undoubtedly continue this trend.

“With the traction we have gotten lately with this type of asset in Brooklyn, we anticipate obtaining record pricing for these tremendous assets. The area is improving rapidly and investor demand is surging,” said Chairman Bob Knakal, who is exclusively marketing this property with Massey Knakal’s Mark L. Lively, Brendan Maddigan, Stephen Palmese, and Winfield Clifford.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

10/11/2013 - 09:24

Source

Cushman & Wakefield Capital Markets Group New York

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