Massey Knakal Sells Brooklyn Properties For $78 Million
Eight elevator-serviced buildings, all located within a three mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods of Brooklyn, have been sold in an all-cash transaction valued at $78,000,000. The properties, which make up the majority of the Southern Brooklyn Portfolio, total approximately416,352 square feet and 452 rent-stabilized units, and thesale price equates to approximately $187 per square foot and $173,000 per unit.
357 Avenue P has 53 rental units and contains approximately 42,000 square feet. 79 Brighton 11th Street has 59 units and contains approximately 50,500 square feet. 125 Brighton 11th Street has 112 units and contains approximately 117,600 square feet. The Manhattan Beach Estates, located at 200 and 210 Brighton 15th Street and 211, 1511, and 1521 Brightwater Avenue, have 228 units and contain approximately 206,432 square feet.
All of the buildings are in excellent condition. The mechanical systems, apartments, common areas, roofs, and grounds are all well-maintained. Preventative maintenance and repairs are performed regularly and units are updated and renovated as the tenancy turns over. While most of the buildings are built to their fullest potential, the beach-front lots of Manhattan Beach Estates offer almost 43,000 square feet of development rights affording long term value-add potential.
Location is a key component to the long-term value of the Southern Brooklyn Portfolio. The Manhattan Beach Estates is a beach front-property at the end of Reigelmann Boardwalk on the eastern edge of Brighton Beach. The buildings on Brighton 11th Street are located two blocks from the beach. The buildings all benefit from proximity to the B, F, and Q subway lines, the nearby shopping districts on Brighton Beach Avenue and Kings Highway, and easy access to the Belt Parkway and Ocean Parkway.
The final piece of the portfolio, 2835-2875 Ocean Avenue, is still available for purchase. Located four blocks from Sheepshead Bay, ithas 200 rental units, contains approximately 159,996 square feet and has an asking price of $34,000,000.
“This transaction affirms that these well-established Southern Brooklyn neighborhoods continue to be desirable communities for residents and investors alike,” said Massey Knakal’s Alex Svetlakou, who exclusively handled this transaction with Chairman Bob Knakal.
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.