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

Sunset Park Multifamily Buildings Sold By Massey Knakal

05/17/2012

Two multifamily buildings at 4706-4712 4th Avenue, located between 47th and 48th Streets in Brooklyn’s Sunset Park neighborhood, were sold in an all cash transaction valued at $4,400,000.

The two, four-story, adjoining brick buildings total approximately 24,080 square feet and consists of 32 residential units.  Half of the units are free market and the other half are rent stabilized. The sale price equates to $174 per square foot.

“During our marketing, we brought multiple competitive offers to the table until ultimately a buyer stepped up to a price high level with very clean terms. Quality multifamily buildings with upside like this property continue to be in high demand as risk is low, financing is excellent and investors bet on Brooklyn,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller in this transaction 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.

www.masseyknakal.com

05/17/2012 - 09:18

Source

Cushman & Wakefield Capital Markets Group New York

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