RIPCO sells three-family building for $4.775 million

Brooklyn, NY RIPCO Real Estate completed the sale of 168 Pacific St. in Cobble Hill, for $4.775 million. The three-family building measures 4,200 s/f and is a four-story brick brownstone situated on a tree-lined street between Clinton and Court St. The sale price equated to over $1,100 per s/f. The seller delivered the property vacant allowing the buyer to immediately begin a gut renovation of the entire property.

RIPCO represented the seller of the property 168 Pacific Street LLC. The listing team included Stephen Preuss Sr., vice chairman of investment sales, Kevin Schmitz, vice president of investment sales, and Andrew Leogrande, associate in the Investment Sales group at RIPCO Real Estate. The buyer is Peter Guthrie.

“The sale of 168 Pacific St. highlights a broader trend across the boroughs: buyers are increasingly prioritizing vacant buildings. This preference gives them the flexibility to design and redevelop properties to their specifications, and they’re often willing to pay a premium for it. In this case, the purchaser paid over $1,100 per square foot,” said Kevin Schmitz, vice president of investment sales at RIPCO Real Estate.

168 Pacific St. is located steps from many notable retailers, grocers, and community services. It is a short walk to Brooklyn Bridge Park, the Barclays Center, the Brooklyn Heights Promenade, and more neighborhood attractions. There are also many transportation options within walking distance including the F/G at Bergen St, 2/3 at Borough Hall, and the N/R/W at Jay St.-Metrotech. 168 Pacific Street is a short trip to lower Manhattan with a 15 minute subway ride to Wall Street and 20 minutes to East Village.