Massey Knakal Sells Multifamily Building in East Williamsburg
A multifamily building at 185 Graham Avenue, located between Scholes and Meserole Streets in Brooklyn’s East Williamsburg neighborhood, was sold in an all-cash transaction valued at $2,390,000.
The four-story, newly constructed brick building contains approximately 5,500 square feet and sits on a 25’ x 75’ lot. It consists of four units and has an additional approximately 700 square feet of below grade recreational space. The property currently benefits from a 421-a tax exemption and is conveniently located three blocks from the Montrose Avenue L train station. The sale price equates to approximately $435 per square foot.
“This building presents an interesting balance between reasonable return today and the prospective future upside with a potential for a storefront conversion on Graham Avenue. There was terrific activity across the board,”said Massey Knakal’s Brendan Maddigan, who exclusively represented the seller in this transaction with Mark Lively and Stephen R. Preuss. The buyer was represented by Daniel Barcelowsky of Misrahi Realty.