Massey Knakal Sells Newly Constructed Multifamily Buildings In Clinton Hill
Two contiguous newly constructed luxury multifamily buildings at 93-97 Waverly Avenue, located between Park and Myrtle Avenues in Brooklyn’s Clinton Hill neighborhood, were sold in an all-cash transaction valued at $6,500,000.
The five-story walk-up buildings combine for approximately 11,974 square feet on a 40’ x 110’ lot. They total 17 residential units, with five two-bedroom, seven one-bedroom, and four studio units. All of the units have double height ceilings, and many feature both mezzanine space and outdoor terrace space. The sale price equates to approximately $543 per square foot.
The building is located in the heart of Clinton Hill just around the corner from the commercial strip of Myrtle Avenue.
“The demand for Brooklyn multifamily properties only continues to grow. With the supply imbalance and increase in rental rates, the result is usually very favorable for sellers,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction. “Achieving $543 per net square foot in this part of Clinton Hill will definitely raise the bar for pricing in this market,” he 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.