Massey Knakal Sells Affordable Housing Building In Clinton Hill
An affordable housing building at 139 Emerson Place located between Myrtle and Willoughby Avenues in the Clinton Hill neighborhood of Brooklyn, was sold in an all-cash transaction valued at $11,000,000.
The six-story, elevator building is approximately 50,000 square feet and sits on a 100’ x 159’ lot. The building consists of 50 affordable housing units and 12 private parking spaces. The sale price equates to approximately $274 per square foot representing a 6.7% capitalization rate.
“This transaction represents the second affordable housing multifamily sale handled by Massey Knakal this year in Clinton Hill, the first sale being 79-83 Clifton Place for $11,250,000. The combined sales represent over 100 apartments and over 100,000 square feet in the submarket,” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Associate Winfield Clifford.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.