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Brokerage
Posted: January 10, 2017
Jungreis of Rosewood Realty Group handles $89 million portfolio sale
65 Ocean Avenue - Brooklyn, NY
100 Lefferts Avenue - Brooklyn, NY
Brooklyn, NY According to Rosewood Realty Group, it has closed the sale of a five-building multifamily portfolio for $89 million, or $366 per s/f.
The buildings, which collectively span 243,000 s/f, are located around Prospect Park in neighborhoods such as Kensington, Prospect Lefferts Gardens and Prospect Park South. The portfolio contains 265 apartments, most of which are rent-stabilized.
Aaron Jungreis, Rosewood Realty GroupRosewood Realty’s Aaron Jungreis represented both the buyer, A & E and the seller, Sentinel Real Estate Corp., which acquired each of the buildings separately from 2006 to 2008 for a total of $37.7 million, according to property records.
The addresses are 230 Ocean Pwy., 483 Ocean Pwy., 80 Woodruff Ave., 65 Ocean Ave. and 100 Lefferts Ave.
The price comes out to nearly $350,000 per unit. The going-in capitalization rate is 5%. The buildings sold for 16.25 times the current rent roll.
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