News: Brokerage
Posted: April 5, 2016

City Urban Realty acquires multifamily for $5.9 million

Photo of a four-story multifamily property in Brooklyn, NY 385 Vernon Avenue - Brooklyn, NY

Brooklyn, NY Michael Alvandi’s City Urban Realty has closed the $5.9 million purchase of a four-story multifamily on the Bedford-Stuyvesant and Bushwick border. The property, located at 385 Vernon Ave. between Stuyvesant Ave. and Lewis Ave. is around the corner from the Myrtle Ave. stop along the J, M, Z subway lines. Constructed new in 2008, the building has 16 apartments and parking for its tenants.

Due to its proximity to Manhattan and public transportation, the area has seen great gentrification in recent years resulting in a rise in rental rates.

“We love the area because you can be in Manhattan within 10 minutes and with the potential closure of the L train for Sandy-related repairs we believe properties along the J, M, Z lines will benefit greatly as residents seek alternative living accomodations helping spur further growth in the surrounding area,” said Alvandi, principal of City Urban Realty.

City Urban Realty, founded by Michael Alvandi in 2010, is a diversified real estate investment company involved in the investment, ownership and management of commercial and multifamily properties.

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