Guttman of Rosewood closes $2.2 million package sale for two Brooklyn buildings

Rosewood Realty Group has brokered the sale of two Brooklyn properties, a retail/office building and retail/apartment building for $2.2 million. The package sale was brokered by Michael Guttman of Rosewood Realty Group who represented the buyer of both properties. The purchase price represented a CAP rate of over 8%. The two building package includes: 407 Ave. P, a two-story retail and office building in the Midwood Section that featured a Dunkin' Donuts retail store and the second floor offices of the Brooklyn Real Estate Education school. The other property, at 766 Flatbush Ave. in Lefferts Gardens, features a beauty supply store and two second-floor residential apartments. "Both these buildings are in well trafficked and historically strong retail locations," said Guttman. "The buyers' local retail knowledge made it clear that it was a good opportunity to capitalize on in the current environment and that rents would go up over time." Rosewood was founded in 2007 by Aaron Jungreis, one of the most active commercial brokers in the industry and among the top producers in the city. He was awarded Co- Star's "Power Broker of the Year" award twice, closing over $1 billion in deals in 2007. This spring Rosewood brokered the sale of a six-story, 119-unit apartment building for $11 million, making it one of the largest apartment building sales in the borough this year. Rosewood's areas of expertise are multifamily, retail and office buildings, with activity focused in New York, New Jersey, Connecticut and Florida.