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Posted: March 24, 2014
Doshi and Frants of Besen & Associates sell 1185 Lebanon Street for $7.55 million
Besen & Associates arranged the sale of 1185 Lebanon Street for $7.55 million. The property is a 73,000 s/f, 6-story elevator building containing 75 apartments, 7 stores and roof antenna, located in the Morris Park section. Amit Doshi served as exclusive representation for seller, and Alex Frants represented the purchaser, a local private investor. Doshi had previously sold this building twice prior to the present sale.
The building was constructed in 1928, and is built on a 100' x 152' lot. The property is located on the northwest corner of Morris Park Avenue. Average rent per apartment is $914, with layouts that include 12 two-bedrooms, 54 one-bedrooms and 9 studios. The sale price of $7.55 million was equivalent to over an 8 GRM, 6.5% cap rate, $103 price per square foot.
Mark Mandell of Mandell & Mandell LLP represented the seller, and Mark Campbell represented the purchaser.
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