Lively and Maddigan of Massey Knakal broker $9.7 million sale for apartment building at 265-267 South 2nd Street, Brooklyn

An apartment building at 265-267 South 2nd St., located between Havemeyer St. and Marcy Ave. in the Williamsburg neighborhood, was sold in an all-cash transaction valued at $9.7 million. The fully-occupied six-story walk-up building contains 22,800 s/f and sits on a 50' x 100' lot. Of its 35 units, 17 are rent stabilized and are considerably under market. The free market units have been renovated, and the building's structure has been well- maintained including the installation of a new gas boiler last year. The sale price equates to $425 per s/f, a 4.9% capitalization rate and over 13x the gross rent. "There were multiple offers in the month and a half we marketed the property. The buyer recognized what is happening in South Williamsburg and acted quickly," said Massey Knakal vice president of sales Mark Lively, who exclusively handled this transaction with director of sales Brendan Maddigan.