Brooklyn, NY According to Alpha Realty, they have completed the sale of 243 Troy Ave., located in the Crown Heights neighborhood for $3.75 million. Lev Mavashev and Jacob Aronov brokered the deal in an off-market transaction. The sale price achieved $370 per s/f, a rent multiple of 13.1x, and a 5.7% cap rate. Witnick Real Estate Group was the purchaser of the property, while Up Realty LLC was the seller.
The building, located on the corner of Troy Ave. and St. Johns Pl., is a 10,135 s/f, four story building, consists of 12 apartments and five stores.
The immediate vicinity contains a middle school, while the Jewish Children’s Museum is a short walk away on Eastern Parkway. Easy access to Manhattan can be obtained by utilizing the 3, 4 & 5 subway trains found two blocks away from the building.
Mavashev and Aronov are well experienced in the local multifamily market having sold many buildings in Crown Heights recently including 278 Albany Ave. to Sugar Hill Capital Partners.
“The buyer has been aggressively seeking a mixed-use asset like this one for some time and finally pulled the trigger when we called him about this opportunity” said Mavashev.
Aronov said, “This deal was a great outcome for the buyer and seller. There was a great deal of interest from many potential buyers, but Witnick Real Estate was able to make the most competitive offer.”
Sign up is quick, easy, & FREE.