Tropp and Berman of Ariel Property Advisors facilitate $1.49 million multifamily sale in Brooklyn's Bushwick neighborhood

December 19, 2017 - Front Section

Brooklyn, NY Ariel Property Advisors facilitated the sale of 231 Stanhope St., a multifamily building in the neighborhood of Bushwick. The 6-unit property sold for $1.49 million.

Based on the as-is income, the sale equates to a 2.3% capitalization rate, a reflection of limited supply and strong demand for value-add opportunities. The three-story building, which spans 4,875 s/f, is located between Irving and Knickerbocker Aves., a sought-after area in the neighborhood. Of the six residential units, two were delivered vacant. 

Daniel Tropp,
Ariel Property Advisors

 

Jonathan Berman,
Ariel Property Advisors

 

Exclusive agents Daniel Tropp and Jonathan Berman represented the owner.

“The ideal location of this property offers a golden opportunity, providing the new buyer with a rare value-add opportunity in one of Brooklyn’s most popular neighborhoods,” said Tropp, director at Ariel. 

The asset is positioned near neighborhood attractions, such as Milk & Pull, Molasses Books, and Maria Hernandez Park. The property is also close to transportation options, with the Knickerbocker Ave. M station and the Dekalb Ave. L station close by.

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.

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