Clark and Greenfield of Massey Knakal Realty brokers $3.22m sale

Massey Knakal Realty Services has sold a corner retail portfolio of nine commercial spaces at 1739-1745 Sheepshead Bay Rd. and 3375-3381 Shore Pkwy. in Sheepshead Bay, for $3.22 million.The properties are located at the northeast corner of Sheepshead Bay Road and Shore Pkwy. Combined, they contain almost 250 feet of frontage with close proximity to the subway and the Belt Parkway. In total the properties contain 16,530 s/f. The commercial stores range from a restaurant and wireless phone store to an office and travel agency. The transaction occurred at a capitalization rate of 6.76% and a gross rent multiple of 10.43. The property sold for $194.80 per s/f to a Brooklyn investor. "After 30 years of ownership the seller believed his property was worth $2.5 million," said Massey Knakal broker Kevin Clark, who exclusively represented the seller with broker Eric Greenfield. "We were able to achieve a sale price $720,000 higher than his original expectations." Massey Knakal Realty Services was the sole broker.