Brooklyn, NY Goldcap Real Estate Advisors completed the sale of 1916 Prospect Pl. in the Ocean Hill neighborhood. The building consists of four renovated, free market apartments across 3,126 s/f and sold over the asking price. The sale price was $1.505 million at $481 per s/f with a 5.7% cap rate. The sellers, Deergrow Developments, sold to Rockford holdings group.
Heshie Goldfein of Goldcap represented both sides of the deal.
The deal closed during COVID-19 NYC on pause.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,