Alpha Realty arranged the sale of 194 Utica Ave. in the Crown Heights section of the borough for $2.45 million. Jacob Aronov represented the buyer and the seller, who are local private investors.
The 1906 constructed 9,100 s/f walk-up, sits between Park Place and Sterling Place totaling 14 apartments and two stores. The sale price equates to $269 per s/f and 11.5x rent roll.
"Crown Heights has seen a steady increase in multifamily prices for quite a while now and the seller felt that it was the right time to capitalize in a hot market," said Aronov. Tags: