Brooklyn, NY Investment Property Realty Group (IPRG) negotiated the closing of 40 Garden Pl. in Brooklyn Heights for $4.2 million.
The property is located between State St. and Joralemon St. The lot is 19.17 ft x 95 ft and the building is built 19.17 ft x 62 ft.
The multifamily consists of three apartments and has 4,792 s/f priced at $876 per s/f and $1.4 million per unit. The Brownstone will be delivered vacant with condo or townhouse conversion opportunity.
The seller is Harry C. Waller Living Trust and the buyer is Hammontree Family.
Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Warning, and Nick Efkes facilitated both the buy and sell side of this transaction.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,