GAIA Property Group brokers 20-unit building for $15.75 million

Brooklyn, NY GAIA Property Group LLC handled the sale of 171 North 10^th St. The property had been listed for $16.75 million, and reduced to $16.45 million because of 421A expiration and high projections of taxes. When Coronavirus worries moved into the market and disrupted deals in contract, the property was reduced again. Uncertainty is always big factor in dealmaking and markets, but the property was sold for $15.75 million at a 5.1% cap rate.

The asset is a newly constructed 20-unit residential building containing a total of 22,182 s/f on a 50 ft. x 100 ft. lot in the Williamsburg neighborhood. The elevator building also has an additional 3,000 s/f of parking. The building is comprised of studios, one-, two- and three-bedroom units, some with a terrace or balcony.

Shay Zach and his partner Hen Vakning of GAIA Property Group represented the seller, 171 N 10^th partners Darren Anikstein and the buyer, a foreign investor.