News:
Brokerage
Posted: January 24, 2017
Cushman & Wakefield handles $27.5 million Brooklyn portfolio sale
Robert Burton, Cushman & Wakefield
DJ Johnston, Cushman & Wakefield
Keegan Mehlhorn, Cushman & Wakefield
Jeffrey Shalom, Cushman & Wakefield
Alex Svetlakou, Cushman & Wakefield
Brooklyn, NY Cushman & Wakefield has sold a portfolio in the borough for a combined $27.5 million. Former ownership listed the estate of four buildings earlier this year and recently sold the last building in the collection. The properties are located at 975 Washington Ave., 762 East 3rd St., 1812 East 18th St., and 5614 3rd Ave.
1812 East 18th Street - Brooklyn, NYOn behalf of the sellers, a Cushman & Wakefield team led by Robert Burton and Keegan Mehlhorn brokered the all-cash transactions with neighborhood experts DJ Johnston, Jeffrey Shalom and Alex Svetlakou. Joanne Seminara of Grimaldi & Yeung LLP served as the legal representation.
“We handled this particular deal more carefully as it was an estate sale with many moving parts. There were multiple beneficiaries for each property, but not all the same,” said Burton.
975 Washington Ave. is a 36,732 s/f, walk-up multifamily building in Crown Heights. It consists of 44 residential units divided into ten one-bedroom, 20 two-bedroom and 14 three-bedroom units. The final sale price of $10.55 million equates to a 4.18% cap rate.
762 East 3rd St. is a 32,000 s/f corner walk-up multifamily building in Kensington. The four-story building consists of 42 residential units and features a spacious basement level. The final sale price of $8.5 million equates to a 4.25% cap rate.
1812 East 18th St. is a 29,500 s/f, walk-up multifamily building on the cusp of Gravesend and Homecrest. The property is comprised of 34 residential units. The final sale price of $7.6 million equates to a 4.07% cap rate.
5614 3rd Ave. is a one-story industrial warehouse in Sunset Park. The property spans 2,133 s/f and offers an additional 2,136 s/f of air rights. The final sale price of $850,000 equates to nearly $400 per s/f.
“By strategically capitalizing on the deep knowledge of our Brooklyn-focused colleagues, we were able to secure the best-fitting buyer for each property,” said Mehlhorn.
Tags:
Brokerage
MORE FROM Brokerage
Investment Property Realty Group closes $2.65 million sale of 723 6th Ave. in Greenwood Heights
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 723 6th Ave., a mixed-use building located in the Greenwood Heights section of the city, for $2.65 million.
Quick Hits
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
.gif)
August Promotion
