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

Massey Knakal Sells 200-Unit Building In Brooklyn

04/28/2014

A multifamily building, located at 2835-2875 Ocean Avenue, between Avenues X and Y in Brooklyn’s Sheepshead Bay neighborhood, was sold in a transaction valued at $31,500,000.

The six-story, elevator-serviced building consists of 200 rent stabilized units and contains approximately 159,996 square feet. The building is in excellent condition, and also features a laundry room and indoor parking garage with 38 spaces.  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. The building is located just four blocks from the B and Q Sheepshead Bay subway station, and benefits from the nearby shopping districts on Brighton Beach Avenue and Kings Highway.  The sale price equates to approximately $197 per square foot.

This property was the last property within the Southern Brooklyn Portfolio, of which eight buildings were recently sold in a transaction valued at $78,000,000.

“The sale of this building as the final piece of the portfolio affirms that these well-established Southern Brooklyn neighborhoods continue to be desirable communities for residents and investors alike,” said Massey Knakal’s Alex Svetlakou, who exclusively represented the seller in this transaction with Chairman Bob Knakal.

The purchaser of the property was represented by Rosewood Real Estate.

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

04/28/2014 - 08:46

Source

Cushman & Wakefield Capital Markets Group New York

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