Massey Knakal Sells 43 Cooperative Units In Midwood
A package of 43 cooperative units, situated within a building at 1717 Avenue N which occupies the full block between East 17th and East 18th Streets in Brooklyn’s Midwood neighborhood, was sold in an all-cash transaction valued at $5,700,000.
The 43 units combine for approximately 39,160 square feet and consist of 34 free market, two rent controlled, and seven rent stabilized units. The package contains two studios, 31 one-bedroom, and ten two-bedroom units, situated within a 90,000 square foot, six-story elevator co-op. The sale price equates to approximately $146 per square foot.
“The seller was pleased to have multiple all-cash offers for the unsold shares in this well-located, well-maintained property,” said Massey Knakal’sNick Mahedy, who exclusively handled this transaction with Vice Chairman John Ciraulo. “The package of units was sold at a 4.47% cap rate. The sales price represents 35% of market value for the rent regulated units and 65% of market value for the free market units,” Ciraulo added.
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.