News:
Brokerage
Posted: October 19, 2021
Jungreis and Pappas of Rosewood facilitate $7.25 million multifamily sale
Brooklyn, NY Rosewood Realty Group completed the sale of a 43-unit multifamily building in Bay Ridge, for $7.25 million.
The 30,000 s/f building at 353 Bay Ridge Parkway is a seven-story elevator building built in 1961 with 42 rent stabilized apartments and one ground floor office.
It sold for 10 times the current rent roll with a cap rate of 4.3% and a price per unit of $168,604.There are 21 studios and 21 one-bedroom apartments.
Rosewood’s Aaron Jungreis and Nick Pappas represented both the seller, Baldwin LLC (Lawrence DiGiovanna and Joanne Belcaro) and the buyer, Meridian Properties LLC, (Mike Neamonitakis and Mike Niamonitakis)
The deal closed on Sept. 28th.
Tags:
Brokerage
MORE FROM Brokerage
GFP Real Estate continues leasing momentum at 322 Eighth Ave. with 9,952 s/f of transactions
Manhattan, NY GFP Real Estate closed three office leasing transactions totaling 9,952 s/f at 322 Eighth Ave. in Chelsea, highlighting continued leasing momentum at the recently repositioned office
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
August Promotion
