Palmese of Massey Knakal brokers $11.25 million sale of 58,191 s/f multifamily; Represented seller of 83 Clifton Place, Brooklyn

A multifamily building at 83 Clifton Place, located between Classon and Grand Aves., in the Clinton Hill neighborhood, was sold in an all cash transaction valued at $11.25 million.The six-story property is 58,191 s/f and sits on a 206' x 100' lot. In 1999, the building was converted from a factory to a 40-unit, affordable housing multifamily building. "Onerous regulatory agreements associated with the property made this a complicated transaction and created a buyer pool of specific clientele. While the building faces an immediate substantial tax burden as the J-51 expires in a few years, the end result for the investor will be the opportunity to convert to condominiums," said Massey Knakal director of sales Stephen Palmese who exclusively represented the seller. Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,000 transactions having a market value in excess of $14 billion.