Brooklyn, NY According to Alpha Realty, it has completed the sales of 354 East 54th St. in East Flatbush for $2.2 million, 845 Schenectady Ave. in Flatbush for $2.275 million, 540 Bainbridge St. in Bedford-Stuyvesant for $2.875 million and 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions.
The sale of 354 East 54th St., a 16-unit apartment building, achieved $222 per s/f and 11.5 gross rent multiple. 845 Schenectady Ave., another 16-unit building, achieved a 12.5x rent multiple. 540 Bainbridge St., a 3-story building with six free market apartments sold for $514 per s/f and a 5.8% cap rate. 278 Albany Ave., a 4-story art deco corner mixed use building, traded at a 17x rent multiple.
“Every day, I am fielding more and more inquiries from investors about properties in Crown Heights and Flatbush. There is still great potential value out there in Brooklyn, especially in these sections,” said Mavashev.
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