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

Massey Knakal Sells Portfolio of Six Multifamily Buildings in Bedford-Stuyvesant

06/30/2012

A portfolio of six multifamily buildings in Brooklyn’s Bedford–Stuyvesant neighborhood was sold in an all-cash transaction valued at $7,325,000. The buildings, which are all in or within close proximity to the Stuyvesant Heights Historic District, are located at 654 Putnam Avenue, 419-21 Marcus Garvey Boulevard, 319 Malcolm X Boulevard, and 804 and 814 Macon Street.

The portfolio includes one nine-unit building, four eight-unit buildings, and one six-unit building totaling approximately 37,950 square feet. The portfolio consists of 47 apartments, of which 38 have been fully renovated with brand new kitchens, bathrooms and separate utilizes.

“At close to $200 PSF, this package of renovated buildings offered the scale required by a new wave of patient investors who were happy to pay a premium to gain exposure to this well-positioned neighborhood,” said Massey Knakal Director of Sales Michael 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 4,200 transactions having a market value in excess of $15 billion.

www.masseyknakal.com

06/30/2012 - 09:20

Source

Cushman & Wakefield Capital Markets Group New York

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