Massey Knakal Sells Two Multifamily Buildings in Park Slope
Two multifamily buildings at 427-433 Dean Street, located between Fourth and Fifth Avenues in Brooklyn’s Park Slope neighborhood, were sold in an all-cash transaction valued at $14,500,000.
The property consists of two contiguous four-story, plus basement, buildings that combine for approximately 36,420 square feet and 100’ of frontage. Constructed in the 1920s, both buildings have been well maintained and are in excellent condition, boasting beautiful brick masonry and decorative concrete panels. In total, there are 34 residential apartments, consisting of 17 free market and 17 rent stabilized units. The unit mix is five one-bedroom, 19 two-bedroom, nine three-bedroom and one four-bedroom. The buildings’ hallways and common areas were recently renovated and the roof provides spectacular panoramic views of the Barclays Center and Manhattan’s southern skyline. The sale price equates to approximately $398 per square foot.
The property is located just two blocks from Atlantic Terminal and Barclays Center, providing access to over ten train lines and the Long Island Rail Road.
“The demand for stabilized multifamily, coupled with the future upside in the assets, led to a highly competitive bidding process whereby the sale price exceeded the initial asking price,” said Massey Knakal’s Stephen P. Palmese who exclusively handled this transaction with Winfield Clifford, Chairman Bob Knakal and CEO Paul J. Massey Jr.
“Park Slope multifamily properties continue to attract tremendous market attention and the competitive process on this 34-unit building resulted in a capitalization rate in the mid-3s,” said Winfield Clifford.