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Massey Knakal Sells 37 Condominium Unit Package In North Bushwick

12/19/2013

A 37 condominium unit package situated within 358 Grove Street, located between Irving and Wyckoff Avenues in Brooklyn’s North Bushwick neighborhood, was sold in an all-cash transaction valued at $10,750,000.                                                   

The package consists of 35 residential and two commercial condos. The residential condos total approximately 25,477 square feet and are currently occupied as free market rental units.  The commercial units, which total approximately 7,850 square feet, are designated community facility units and are currently occupied by nonprofit organizations.  Additionally, there are 40 parking spaces and eight rooftop cabanas included in the offering.  The condos and saleable amenities account for, in aggregate, approximately 65% of common interest. The 37 units combine for approximately 33,327 square feet, with the sale price equating to approximately $323 per square foot.

This package allows the investor to acquire considerable scale and neighborhood exposure, with substantial income in place and significant selloff potential down the line.  The building is located just three blocks from the J and M trains at Myrtle and Wyckoff Avenue, providing access to lower Manhattan within 30 minutes.

“The purchasers plan on repositioning and adding value to a number of the apartments and will look to hold the asset as a rental in this rapidly appreciating neighborhood,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction.

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

12/18/2013 - 17:31

Source

Cushman & Wakefield Capital Markets Group New York

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