Leary, Safina, Pallas and Condren of CPEX arrange the sale of 351 Franklin Avenue for $7 million

CPEX Real Estate Services arranged the sale of 351 Franklin Ave. in Clinton Hill. The property is a newly constructed residential building that measures 13,358 gross s/f. The building, which includes an elevator, contains ten apartments and was delivered fully occupied. The sale price was $7 million all-cash, or $524 per s/f. The sale price represented a 5.25% capitalization rate and a gross rent multiplier of 15.11. CPEX's multifamily sales team, consisting of managing partner Brian Leary, associate director Stephen Safina and associate Michael Pallas, represented the seller in negotiating the off-market transaction. Ryan Condren, managing director of CPEX's Retail Leasing Team, also assisted with the transaction. "Due to a large portion of Clinton Hill being landmarked and consisting of smaller building lots, this property is on the larger size for the neighborhood," said Safina. "Demand to invest and live in this area of Brooklyn is at an all-time high, and current market values are indicative of the lack of inventory. Completing this sale was a team effort by all who were involved in the transaction from start to finish."