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

Massey Knakal Sells Rent Controlled Multifamily In Brooklyn Heights

01/03/2013

A townhouse at 102 Pierrepont Street, located between Henry and Clinton Streets in Brooklyn Heights, was sold in an all-cash transaction valued at $3,000,000.

This six-story walk-up building is approximately 6,600 square feet and sits on a 20’ x 100’ lot.  The townhouse consists of six residential units. The garden and parlor floors remain one large duplex apartment with garden access.  The third floor contains two separate one-bedroom apartments.  Each of the remaining floors above contains three separate two-bedroom apartments.  The building was delivered vacant, with the exception of one rent controlled tenant in place on the fifth floor.

The building is located across the street from the Appellate Division Supreme Courthouse and a block away from the dynamic retail strip of Montague Street.  The building benefits from its close proximity to the Brooklyn Borough Hall subway station with train access to the 2, 3, 4, 5, and R trains which run throughout Brooklyn, Manhattan, Queens, and the Bronx.  Additionally, the property is located in School District 13, containing some of the most prestigious grade schools, high schools, and colleges in all of New York City, including Brooklyn Law School and St. Francis College.

“A Brooklyn Heights townhouse has wide appeal.  Ultimately, an investor purchased the property for over $450 per square foot and a projected 4.5% cap rate.” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Senior Associate, Winfield Clifford.

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

01/03/2013 - 15:03

Source

Cushman & Wakefield Capital Markets Group New York

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