Bestreich Realty Group completes four Brooklyn sales totaling $11.65 million; includes $3.95 million by Bestreich, Rodriguez and Underkofler

 

 

 

 

 

 

Brooklyn, NY Bestreich Realty Group completed following recent sales:

• $3.2 million sale of 144 4th Ave. in Park Slope: The 4,356 s/f mixed-use building is a corner property with three, three-bedroom units, one retail store, and two parking spots in the rear. Bestreich’s Christopher Manno, Toby Waring, Adam Lobel, Luke Sproviero and Derek Bestreich represented the buyer, 1159 St. Johns LF LLC, and the seller, Dilenia Morales. The building sold for 3.13% cap rate and 25.641 times the current annual rent roll. It also has unused 4,359 s/f of air rights for development.

“The property was on the market twice prior to us representing the seller and we beat their highest offer by $400,000,” said Manno. Ownership plans to upgrade the residential units in the building, along with exposing the corner retails full potential, meeting the growing demand for  4th Avenues dire need for quality retail.

• $3.2 million sale of 100 Starr St. in Bushwick: The 4,500 s/f, new construction building with eight units with a laundry room sold, for $711 per sq. ft. It also has unused air rights and sold for a 5.7% cap rate and 14 times the current rent roll. Bestreich, Steve Reynolds, Tom Reynolds and Greg Rhodes of Bestreich represented the buyer, private investors, and the seller, Starr Lofts, LLC.

“A record for this asset type in Bushwick,” according to Reynolds. 

• $3.95 million sale of 649 Argyle Rd. in Ditmas Park: The 20,468 s/f  mixed-use corner building features 19 apartments and three retail stories. It sold for a cap rate of 2.35% and 17.7 times the current rent roll. Bestreich, Erik Rodriguez and Brian Underkofler of Bestreich represented the buyer, Alchemy and the seller, a private investor.

The building is located near subway lines and retail and neighborhood amenities. “New local apartments and retail development in the area is occurring at a rapid pace attracting many new tenants to this neighborhood,” said Rodriguez. “The increased demand is resulting in new benchmarks for lease rates and property values in Ditmas Park.” 

• $1.3 million sale of 624 E. 17th St. in Flatbush: The 6,200 s/f residential building was fully occupied at the time of sale and features large three bedroom units. The property sold for a 2.04% cap rate and 19.7 times the rent roll. Rodriguez, Bestreich and Underkofler represented the buyer, PPG 624 LLC and the seller, 624 East 17th Street Brooklyn LLC.