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

Massey Knakal Sells Multifamily Building In Bed-Stuy

01/15/2013

A multifamily building at 940 Kent Avenue, located between Willoughby and DekalbAvenuesin Brooklyn’s Bedford-Stuyvesant neighborhood, was sold in an all-cash transaction valued at $1,325,000.

The four-story, walk-up building contains approximately 6,872 square feet and sits on a 25’ x 91’ lot.  It consists of eight two-bedroom units.  The building is efficient and profitable as is, and has definite financial upside for the future, making it an ideal opportunity for an investor.  The sale price equates to approximately $193 per square foot.

This property is well positioned in prime northwest Bedford Stuyvesant just a few blocks from the Clinton Hill and Williamsburg borders.  Pratt Institute is two blocks away as is the G train at Classon Avenue which provides convenient access to downtown Brooklyn and Williamsburg.  Additionally, its location between the Myrtle Avenue and Dekalb Avenue retail corridors offers tenants close proximity to grocery stores, dry cleaners, restaurants, and nightlife. 

“The competitive nature of this offering, which sold north of asking price, is testament to the continued depth in the market for walk-up apartment buildings in Bedford-Stuyvesant,” said Massey Knakal Director of Sales Mike Amirkhanian, 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 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

01/14/2013 - 17:24

Source

Cushman & Wakefield Capital Markets Group New York

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