Massey Knakal Sells Class A Investment Building In Brooklyn
A Class-A investment building at 1623 Kings Highway, located on the northwest corner of Kings Highway and East 17th Street in Brooklyn’s Homecrest neighborhood has been sold in an all-cash transaction valued at $13,250,000.
Built in 2009, this four-story, elevator-serviced building is approximately 19,960 square feet and sits on a 38’ x 102’ irregular lot. The sale price equates to approximately $664 per square foot.
Verizon Wireless occupies the ground floor, a karate studio occupies the second floor, and Interborough Developmental and Consultation Center occupies the third and fourth floors as well as a portion of the basement. The building is located less than two blocks from the Kings Highway B and Q subway station.
“As one of the few Class A office-retail buildings in Southern Brooklyn, this property commanded a high price per square foot relative to the rest of the market. Good tenancy and 100% occupancy made the 6.8% capitalization rate attractive. With several new non-residential projects in the pipeline we expect to see continued improvement in the area’s building stock.” said Massey Knakal Director of Sales Brian R. Hanson who exclusively handled this transaction.
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.