Brooklyn, NY Rosewood Realty Group brokered the sale of a mixed-use building at 590 Broadway, (corner of Walton St.) in the Williamsburg neighborhood. The sale price was $2.65 million.
The three-story, 4,350 s/f walk-up apartment building features four, two-bedroom apartments and two commercial spaces. It was built in 1931. It sold for a cap rate of 5.5%, and 14 times the current rent roll.
Rosewood’s Ben Khakshoor represented the buyer, Moses Landau and the seller, Zs 590 LLC.
“The buyer plans to hold on to the property long term and increase the rents of the free-market apartments,” said Khakshoor.
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