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

Massey Knakal Sells Five Multifamily Buildings In Brooklyn Heights

09/18/2013

Five adjoining multifamily buildings at 54-66 Livingston Street, located between Clinton and Court Streetsin the Brooklyn Heights neighborhood of Brooklyn, were sold in an all-cash transaction valued at $13,250,000.

The brick buildings combine for approximately 32,075 square feet and 49 residential units on a 124.33’ x 95’ lot.  Three buildings share an elevator and the other two are walk-ups.  Of the 49 units, 33 are rent stabilized and 16 are free market.  The sale price equates to approximately $413 per square foot.

“This property is on a great block, close to public transportation and everything Downtown Brooklyn and Brooklyn Heights have to offer,” said Massey Knakal’s Stephen Palmese, who exclusively represented the seller in this transaction with Mark Lively and Brendan Maddigan.  “The five adjoining buildings were leased at just over $30 per net square foot to a very solid tenant base, which represents enormous long-term upside potential,” Mark Lively added.

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.

www.masseyknakal.com

09/18/2013 - 08:23

Source

Cushman & Wakefield Capital Markets Group New York

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