Edeklopf and Rosenfeld of Schuckman Realty sell eight unit multifamily building

Brooklyn, NY Schuckman Realty has completed the sale of 558 Lafayette Ave. located between Bedford Ave. & Nostrand Ave. Baruch Edelkopf and Joseph Rosenfeld represented the landlord.

The subject property was developed in the Early 2000's and is currently in year 17 of a 25 Year 421A Tax abatement, rendering the building 100% Rent Stabilized for the remainder of the abatement.

The building totals eight oversized residential units, with a unit mix of Four 2-Bedroom/1-Bathroom units, Two 4-Bedroom/2-Bathroom Duplex Units and Two 3-Bedroom/ two Bathroom Penthouse Units. The in-place rents at the time of sale were discounted from the DHCR Legal rents (Attributed to Concessions/Preferential Rents which were offered during Covid) and the purchaser was a 1031 Buyer who was prepared to purchase the building at a lower day one yield anticipating the units to re-lease at a rate which is closer to their Pre-Covid/Legal rents upon natural turnover of the existing tenancy.

The building was delivered traded at $5,050,000 ($558 per s/f) at what would translate to a day one cap rate of 4.31% and a Pro-Forma 5.69% Cap Rate (*both rates presented here include the unabated Taxes + the NPV of the remaining term of the abatement at a 5% Discount Rate).

Tags: Brokerage

Reprint

Previous Story Next Story

Meridian Capital Group arranges 10-year retail lease for Mess at 236 West 10th St.

Manhattan, NY According to Meridian Capital Group, Jordan Langer, Noam Aziz and Carson Shahrabani of the firm’s retail leasing team have arranged a five-year lease at 236 West 10^thSt. in Greenwich Village

Houlihan Lawrence Commercial sells residential development site for $2.1 million

Houlihan Lawrence sells development site for $2.1m

GFP Real Estate signs Knit Illustrated to 4,051 s/f five-year lease at 247 West 37th St.

GFP R.E. signs Knit Illustrated to 4,051 s/f at 247 West 37th St.

The Feil Organization signs 15-year, 46,000 s/f renewal with Thompson Coburn LLP at 488 Madison Ave.

Feil signs 46,000 s/f renewal with Thompson Coburn at 488 Madison Ave.

Cushman & Wakefield arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma, LLP

C&W arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Movers & Milestones

Arrow Security adds Brownlie as regional vice president of operations

Columns and Thought Leadership

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent