Massey Knakal Sells Two Adjoining Multifamily Buildings in Sunset Park
Two walk-up, multifamily buildings at 881-887 5th Avenue, located on the east side of 5th Avenue between 38th and 39th Streets in Brooklyn’s Sunset Park neighborhood, were sold in an all-cash transaction valued at $4,315,000.
Each building is four-stories and together total approximately 20,000 square feet. Together, there are 34 residential units and 4 commercial units, of which, 19 are rent stabilized, 6 are free-market and 1 is rent controlled. The buildings are located within close proximity to public transportation and the Greenwood Cemetery. The sale price equates to approximately $215 per square foot or a 7.27% cap rate.
“The sale of these two adjoining buildings demonstrates the strong demand investors have for a stable return in growing neighborhoods,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller with Director of Sales Brendan Maddigan.
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.