Rosewood Realty Group closes sale of 14,000 s/f for $6.8 million

York, NY Rosewood Realty Group delivered the sale of a five-story, mixed use-apartment building in Borough Park with four apartments and one retail space for $6.8 million.

The 14,000 s/f building at 4921 12^th Ave. was built in 1930 and features 40 ft. of retail frontage along 12^th Ave. with 6,611 s/f of retail on the ground level and basement. There are four large floor-thru residential rental apartments on the 2^nd, 3^rd, 4^th and 5^th floors, each with four bedrooms. The apartments sold for a 4.9 % cap rate and 17.5 GRM, at $485 per s/f.

Rosewood’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyer, Yisroel Black and the seller, Mark Frankel.

“The buyer plans to occupy the vacant retail space with his own business,” said Khakshoor.

The building is located in a prime part of Borough Park near shopping and transportation.