Rosewood Realty Group completes two sales totaling $24.6 million; Guttman and Jungreis collaborate for $14.6 million sale of 59 units

January 09, 2018 - Front Section
558-566 Parkside Avenue - Brooklyn

Brooklyn, NY Rosewood Realty Group has completed the following: 

Michael Guttman,
Rosewood Realty Group

 

Aaron Jungreis,
Rosewood Realty Group

 

• The sale of two contiguous four-story walk-ups with 59 apartments in the Prospect-Lefferts Gardens neighborhood for $14.6 million. The buildings, at 558-566 Parkside Ave. (between Bedford and Rogers Aves.) total 57,600 s/f, and sold for 14.35 times the annual rent roll, with a cap rate of 4.5%. Rosewood Realty Group’s Michael Guttman represented the buyer, 558-566 Parkside LLC and Aaron Jungreis represented the seller, 566 Parkside LLC.

• The acquisition of two, five-story walk-up apartment buildings near each other in the Bronx’s Fordham neighborhood for $10 million. Together the buildings at 2263 Morris Ave. and 2342 Ryer Ave., total 64 apartments over 46,370 s/f. Combined, the properties sold for 11 times the current annual rent roll at a 5.5% cap rate. Jungreis represented the  buyer, J. Wasser & Co., and the seller, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.

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