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

Massey Knakal Retained Exclusively To Sell Eastern Parkway Multifamily Portfolio - Five Properties In Ocean Hill

06/10/2014

Massey Knakal Realty Services has been retained on an exclusive basis to sell the Eastern Parkway Multifamily Portfolio, five properties located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway. The properties are situated on a single block between Saratoga Avenue and Thomas S. Boyland Street in Brooklyn’s Ocean Hill neighborhood.  The asking price is $10,000,000.

The portfolio includes five walk-up properties consisting of four multifamily buildings and one mixed-use building. They hold approximately 309 feet of total frontage, with 235 feet on Eastern Parkway and an additional 74 feet on Thomas S. Boyland Street. The buildings combine for approximately 73,450 square feet, featuring 60 residential units and one commercial unit.  The residential units consist of two studios, 32 one-bedroom, 23 two-bedroom, and three three-bedroom apartments. 

This portfolio boasts tremendous upside in the emerging Ocean Hill market.  The buildings are centrally located near a number of transportation options, including the 3, 4, A, and C subway lines in close proximity and the B7 bus stop conveniently one block away.

“This stretch of Brooklyn has traditionally been viewed as a tertiary market. However, while Brooklyn’s demand continues to spread, investors are identifying areas of opportunity throughout the borough,” said Massey Knakal’s Stephen P. Palmese, who is exclusively marketing this portfolio with Chairman Bob Knakal and Edward Gevinski.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

06/10/2014 - 13:12

Source

Cushman & Wakefield Capital Markets Group New York

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