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

Massey Knakal Sells Apartment Building And 11-Unit Package In Flatbush

11/19/2013

An apartment building at 113 Kenilworth Placeand an 11-unit package within an apartment building at 145 Kenilworth Place, located between Glenwood Road and Hillel Placein Brooklyn’s Flatbush neighborhood, were sold in an all-cash transaction valued at $5,200,000.  The properties combine for approximately 24 residential units, five community facility condos, and 33,475 square feet.

113 Kenilworth Place is a five-story newly developed building.  It contains approximately 17,475 square feet on a 50’ x 100’ lot, and consists of 16 residential units, two community facility condos, and seven parking spaces.  145 Kenilworth Placeis a newly developed six-story elevator building.  The unit package consists of eight residential units and three community facility condos, which combine for approximately 16,000 square feet. The community facility space was largely vacant, and thesale price equates to approximately $349 per residential square foot.

The buildings boast excellent locations just one block from Brooklyn College, presenting clear demand from students and faculty.  Additionally, the 2 and 5 trains at Flatbush Avenue are within one block, offering convenient access to Manhattan and Downtown Brooklyn in less than 25 minutes.

“The owner was able to achieve an excellent price per residential square foot, given the quality of construction and proximity to transportation and shopping,” said Massey Knakal’s Nick Mahedy, who exclusively handled this transaction with Michael Amirkhanian.

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

11/19/2013 - 11:24

Source

Cushman & Wakefield Capital Markets Group New York

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