Brooklyn, NY Besen & Associates has completed the sale of a 4-building package for $7.4 million, consisting of 907 Nostrand Ave., 739 Church Ave., 1080-1082 Utica Ave. and 196 Utica Ave.
The portfolio was exclusively represented by Greg Corbin, Miguel Jauregui and Saadya Notik The Corbin Group atBesen & Associates, who also procured the purchaser. It was sold to a local private investor.
907 Nostrand Ave., 739 Church Ave., 1080-1082 Utica Ave. and 196 Utica Ave., were each fully renovated in 2015 with all apartments receiving new bathrooms, kitchens, wooden floors, and HVAC units.
Additionally, 1080-1082 Utica Ave., a commercial building with 80 ft. of frontage, was recently gut renovated and repositioned to retail. It is a 2-story commercial property with 7 stores. Built in 1931, the property has 10,000 s/f.
All apartments are free market and are sub-metered, with tenants paying their own expenses.
907 Nostrand Ave. was built in 1925 and has 4,547 s/f; the retail tenant is a fitness center. 739 Church Ave., which was built in 1931 and has 3,300 s/f, is leased to a bar whose lease expires in 2025. 196 Utica has a retail tenant which occupies the storefront and finished basement. The lease includes 4% escalations and expires in 2025.
“The seller delivered 100% occupied assets in excellent condition, which made this a turnkey, cash-flowing acquisition for the buyer,” said Notik.
”The price per foot translates to just short of $400, a number most investors felt unachievable for the area,” said Corbin.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.