Burk, Sigourney and Tamara of CPEX sell four adjacent Brooklyn buildings totaling $2.5 million

The CPEX mixed-use investment sales team has brokered the sale of four adjacent buildings, including 706 4th Ave., 708 4th Ave., 169 22nd St. and 171 22nd St. Situated on the corner of 4th Ave. and 22nd St. in Greenwood Heights, the property consists of four buildings located on one tax lot, including a single story retail building, a three-story mixed-use building, a carriage house, and a one-story garage. Delivered fully occupied, with the exception of one commercial vacancy on the corner, the combined buildings comprise three commercial spaces totaling 5,000 s/f and four residential units totaling 2,100 s/f. The property, which is zoned M1-2D, also has nearly 3,000 s/f of available air rights. The sale price was $2.5 million or $352 per s/f, with an actual "going in" cap rate of 4.4% and a gross rent multiple of more than 18 times the existing rent roll. CPEX's mixed-use investment sales team, consisting of managing director Scott Burk, Esq., associate director Andre Sigourney, and associate Luis Tamara, represented the seller and procured the purchaser, both of whom are local investors. "This transaction is further evidence that 4th Ave. continues to transform into a primary Brooklyn market," said Burk. "This is a long-term investment for the buyer, a local investor and developer, who will look to maximize the untapped potential in the property. Greenwood Heights is attracting a significant number of new groups of residential tenants and high quality retailers, and we are seeing a huge amount of investor interest in this booming area." CPEX was founded in September 2008 by Timothy King and Brian Leary, two prominent leaders in the New York City commercial real estate industry. The founders have provided a broad range of real estate and business services locally, nationally and internationally throughout their career. CPEX provides a full range of services for both real estate and business owners through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization in each market they cover. Their services include sales, leasing, acquisitions, and advisory.