News:
Brokerage
Posted: May 9, 2008
Fridman of Barcel Group handles 36-unit, 2282 Ocean Ave. sale: $5.25m
The Barcel Group has completed the sale of 2282 Ocean Ave. located in the Midwood neighborhood. The 36-unit elevator apartment building sold for $5.25 million or $145,833 per unit. The transaction price reflects a gross rent multiple of 11.77 and a capitalization rate of 5.8%.
The sellers, Argus Realty have owned the property for over 20 years. It is located on Ocean Ave. between Aves. R and S where it is surrounded by similar apartment buildings and near public transportation. The building is in great condition and the average rent per apartment is $1,031.
The buyer, Frey Management purchased the building after a 10 year hiatus from new real estate investments. The close proximity to properties Frey Mgmt. already owns, the good condition of the building and opportunity for upside in the rents make this an ideal investment for the purchaser.
Marcel Fridman, vice president and co-founder of the Barcel Group represented the buyer and seller.
Tags:
Brokerage
MORE FROM Brokerage
SABRE coordinates sale of six properties totaling 199,845 s/f
Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
.jpg)
.gif)
Columns and Thought Leadership
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
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
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
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.
.gif)