Brooklyn, NY Rosewood Realty Group negotiated the $33.7 million sale of a six-story elevatored rental building with 84 apartments on Ocean Pkwy. in the Windsor Terrace neighborhood.
The building, at 31 Ocean Parkway, was built in 1928 and is 90,900 s/f. It sold for 16.5 times the current rent roll at a 3.8% cap rate.
Rosewood’s Aaron Jungreis represented the buyer, Steven Frey of Frey Management and the seller, Sentinel Real Estate Corp. This was the second time Jungreis sold the building.
“The buyer is getting a beautiful property in impeccable condition, a block away from Prospect Park and cozily tucked into the beautiful up and coming Windsor terrace neighborhood,” said Jungreis, who also represented the buyer in the sale of 2197 Ocean Ave. The buyer used the proceeds of that sale to purchase 31 Ocean Pkwy.
Rosewood Realty Group also closed over $32 million in three Brooklyn, Queens and Bronx deals at the start of 2018:
• The $12.5 million sale of 42-22 Ketcham St. between Baxter and Pettit Aves. in Elmhurst, Queens. A New York investor whose specialty is co-ops, purchased 61 of 127 units in this 1926 six-story elevatored building that represents 38,770 s/f. It sold for 13.5 times the rent roll with a cap rate of 4%. Rosewood Realty’s Michael Guttman represented the seller: RFC Ketcham and Pelham Holdings 123 and Jungreis represented the buyer, Ketcham Associates, LLC.
• The $10 million sale of 2197 Ocean Ave. in Brooklyn’s Madison neighborhood. This is a six-story elevatored apartment building with 35 apartments. The building was built in 1928 and is 30,000 s/f. It sold for 17 times the current rent roll, at a 3.75% cap rate.
Rosewood’s Guttman represented the buyer, 2197 Ocean, LLC. and Jungreis represented the seller, Shirben Ocean 2197 LLC.
• The $9.8 million sale of 2310 and 2314 Valentine Ave. in the Fordham section of the Bronx. These two contiguous five-story walk-up apartment buildings feature 54 apartments. The buildings were both built in 1916 and are 40,520 s/f combined. They sold for 11.8 times the current rent roll at a 5% cap rate. Rosewood’s Jungreis represented the buyer, a private investor and the seller, 2310 Valentine Ave. LLC; 2314 Valentine Ave. LLC.