Massey Knakal Retained Exclusively To Sell Southern Brooklyn Portfolio
Massey Knakal Realty Services has been retained on an exclusive basis to sell five tax lots improved by nine elevator-serviced buildings; all located within a three mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods of Brooklyn. The buildings total approximately 580,000 square feet, house 652 rent-stabilized units and have a combined asking price of $124,100,000.
357 Avenue P has 53 rental units, contains approximately 42,000 square feet, and has an asking price of $8,100,000. 2835-2875 Ocean Avenue has 200 rental units, contains approximately 159,996 square feet and has an asking price of $35,000,000. 79 Brighton 11th Street contains approximately 50,500 square feet, 59 units and has an asking price of $11,000,000. 125 Brighton 11th Street has 112 units, contains approximately 117,600 square feet, and has an asking price of $21,000,000. The Manhattan Beach Estates have 228 units, contain approximately 206,432 square feet and have an asking price of $49,000,000.
All of the buildings are in excellent condition. The mechanical systems, apartments, common areas, roofs, and grounds are all well-maintained. Preventative maintenance and repairs are performed regularly and units are updated and renovated as the tenancy turns over. Six of the nine buildings boast laundry rooms and parking as amenities. While most of the buildings are built to their fullest potential, the beach-front lots of Manhattan Beach Estates offer almost 43,000 square feet of development rights affording long term value-add potential.
Location is a key component to the long-term value of the Southern Brooklyn Portfolio. The Manhattan Beach Estates is a beach front-property at the end of Reigelmann Boardwalk on the eastern edge of Brighton Beach. The buildings on Brighton 11th Street are located two blocks from the beach and the Ocean Avenue property is four blocks from Sheepshead Bay. The buildings all benefit from proximity to the B, F, and Q subway lines, the nearby shopping districts on Brighton Beach Avenue and Kings Highway, and easy access to the Belt Parkway and Ocean Parkway.
For more information on this listing, contact Massey Knakal Director of Sales Brian R. Hanson or Vice President of Sales Jeffrey A. Shalom at 718.238.8999 or Chairman Bob Knakal at 212.660.2500.
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.