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

Massey Knakal Sells Apartment Building In Fort Greene

10/10/2012

A multifamily apartment building at 40 Cumberland Street, located between Flushing and Park Avenuesin Brooklyn’s Fort Greene neighborhood, was sold in an all-cash transaction valued at $2,200,000.

The four-story, walk-up building is approximately 8,268 square feet and sits on a 25’ x 100’ lot.  The building comprises 12 units.  Nine of the units contain two-bedroom units and two units contain one-bedroom units. There is one three-bedroom unit on the ground floor which has rear yard access. Over the past 12 months, 10 of the 12 units have been fully renovated.  The sale price equates to approximately $266 per square foot.

The building is located one block north of the active retail strip on Myrtle Avenue and two blocks north of Fort Greene Park.  Long Island University, Pratt Institute, and Brooklyn Hospital are also located in the neighborhood.

“The newly renovated walk-up was purchased by an investor with a 1031 exchange.  It’s a great property in a growing neighborhood,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Director of Sales Mike 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 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

10/10/2012 - 09:56

Source

Cushman & Wakefield Capital Markets Group New York

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