Massey Knakal Sells Brooklyn Multifamily Portfolio
A portfolio of five multifamily buildings located in the Bedford Stuyvesant neighborhood of Brooklyn, was sold in an all-cash transaction valued at $7,650,000. The buildings are located at 257 Quincy Street, 308 Stuyvesant Avenue, 570 Jefferson Avenue, 788 Madison Street, and 790 Madison Street,
The buildings contain 62 apartments, totaling approximately 45,462 square feet. The sale price equates to approximately $168 per square foot.
257 Quincy Street, a four-story building, contains approximately 17,650 square feet and sits on a 50’x 200’ lot. 308 Stuyvesant Avenue, a four-story building, contains approximately 8,320 square feet and sits on a 26’ x 100’ lot. 570 Jefferson Avenue, a four-story building, contains 7,364 square feet and sits on a 25’ x 80’ lot. 788 Madison Street, a four-story building, contains approximately 6,064 square feet and sits on a 27.5’ x 100’. 790 Madison Street, a four-story building, contains approximately 6,064 square feet and sits on a 27.5’ x 100’ lot.
These buildings are conveniently located in and around the Stuyvesant Heights Historic District granting excellent access to public transportation and a variety of retail options. Of the 62 units, 33 have been destabilized or registered with preferential rents representing immediate upside in gross income. This portfolio provides a unique opportunity to get exposure to one of the best-positioned neighborhoods for investment in Brooklyn. .
“A local investor, who was looking to add over 60 units to his growing portfolio, purchased the assets at 6.6% capitalization rate,” said Director of Sales Stephen Palmese, whoexclusively handled this transaction with Director of Sales Michael Amirkhanian. “This well-positioned portfolio offered purchasers scale and solid returns along with clear upside in rent in the rapidly growing Bed-Stuy neighborhood,” said 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.