Fridman of The Barcel Group brokers $9.9 million sale of six-building package; Represents buyer and seller of 73,000 s/f portfolio

The Barcel Group has completed the $9.9 million sale of a six-building, 73,000 s/f package located at 608-612 Flatbush Ave., 2210 Cortelyou Rd., 1016 President St. and 219 E. 17th St. - all located in the Flatbush and Crown Heights sections. The six buildings total 84 apartments and three stores which are located on Flatbush Ave. All of the buildings are four-story walk-up buildings. The transaction price reflects a gross rent multiple of 8.5. Marcel Fridman, president and co-founder of The Barcel Group represented all the parties involved. Fridman said, "It's very rare to find six buildings with so many units in the same vicinity. These buildings have tremendous upside with the average rent only at $1,000." These areas have recently seen an increase in the rents that these types of buildings can command the purchaser quickly realized this opportunity for steady income, as well as future upside." The purchaser plans to upgrade the buildings immediately. This is the first sale of these properties in over 20 years.