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

Massey Knakal Sells Mixed-Use Building In Clinton Hill

10/11/2012

A mixed-use building at 411 Myrtle Avenue, located between Vanderbilt and Clinton Avenuesin Brooklyn’s Clinton Hill, was sold in an all-cash transaction valued at $1,450,000.

The four-story building is approximately 4,620 square feet and sits on a 20’ x 82’ lot, with approximately 1,038 square feet of air rights.  There are three residential units and one retail unit.  The sale price equates to approximately $308 per square foot.

“This is the 10th property Massey Knakal has sold along Myrtle Avenue since 2010 and it is because residential and commercial rents have increased by 25% - 30%, respectively, in the past 30 months,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with First Vice President of Sales Guthrie Garvin.

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.

www.masseyknakal.com

10/11/2012 - 09:59

Source

Cushman & Wakefield Capital Markets Group New York

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