Massey Knakal Sells Brooklyn Law School Portfolio - Six Prime Brooklyn Heights Multifamily Buildings
The Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City, was sold in an all-cash transaction valued at $36,462,000.
The six properties, located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place, feature a combined 110 residential apartments and approximately 56,342 gross square feet. The properties have been continuously acquired dating back to the 1980s and have been owner/occupied by Brooklyn Law School. The sale price equates to approximately $647 per square foot.
The six properties are conveniently located within a half-mile radius of one another, in one of the strongest residential markets in all of New York City.
“In 2013, Brooklyn's transactional volume rate was approximately 2%, which translates into an average holding period for real estate of approximately 50 years. The opportunity to own 110 units, of which 90% are vacant, in Brooklyn's most desirable neighborhood, does not come around often,” said Massey Knakal’s Stephen Palmese, who exclusively handled this transaction.
“We selected Stephen Palmese and Massey Knakal because of their commitment to represent only the seller and their ability to implement and manage a broad marketing campaign,” said Brooklyn Law School Dean and President Emerita Joan G. Wexler.
89 Hicks Street, located between Orange and Pineapple Streets, is a 6-story, 48-unit elevator building containing approximately 19,500 square feet on a 50’ x 100’ lot. 18 Sidney Place, located between Joralemon and State Streets, is a 7-story, 19-unit elevator building containing approximately 9,875 square feet on a 25’ x 100’ lot. 144 Willow Street, located between Pierrepont and Clarke Streets, is a 5-story, 10-unit walkup building containing approximately 7,500 square feet on a 25’ x 101’ lot. The three buildings were delivered mostly vacant.
100 Pierrepont Street, located between Henry Street and Monroe Place, is a 5-story, 10-unit walkup building containing approximately 6,000 square feet on a 20’ x 100’ lot. 27 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 13-unit walkup building containing approximately 7,300 square feet on a 25’ x 100’ lot. 38 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 10-unit walkup building containing approximately 6,167 square feet on a 22’ x 100’ lot. The three buildings were delivered entirely vacant.
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.