Massey Knakal Sells Mixed-Use Building in Carroll Gardens
A mixed-use building at 384 Court Street, located on the northwest corner of Carroll and Court Streets in Brooklyn’s Carroll Gardens neighborhood, was sold in an all-cash transaction valued at $2,425,000.
The four-story building is approximately 6,700 square feet and sits on a 30’ x 99’ lot. There are six residential units and one retail store on the ground floor. The sale price equates to approximately $362 per square foot.
“This property best demonstrates the market reach of Massey Knakal. Using the rental upside to entice the market, we were pleased to bring a private Manhattan investor with long-term plans to the site,” said Massey Knakal Senior Vice President of Sales Kenneth Freeman who exclusively handled this transaction. “At a 5.74 % capitalization rate, this transaction is a good indicator of the retail strength of the Carroll Gardens neighborhood,” added Freeman.
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.