Mavashev and Raff of Besen & Associates broker $6.5 million sale; Six-story, mixed-use apartment building totaling 21,740 s/f

Besen & Associates arranged the sale of 331 Keap Street, between South 4th Street and South 5th Street. The property is a 6-story mixed-use walkup apartment building comprised of 35 residential units and one retail unit tenanted by a dry cleaner. The property sold for $6.5 million and was completed by Lev Mavashev and Glenn Raff of Besen & Associates. This property was built in 1915 with lot dimensions of 79 by 69 feet and built dimensions of 79' x 56'. It has 21,740 s/f and is situated between the Marcy Avenue and Hewes Street J, M, and Z subway lines. It is located one block from the BQE Expressway and minutes from the Williamsburg Bridge interchange Apartment layouts include 24 two-bedrooms and 10 one-bedrooms and a super's unit. Average monthly apartment rent is $1,100 per month, providing for measurable growth potential. According to the MNS Brooklyn Rental Market Report from April 2013, mean rental prices for a one-bedroom apartment is $2,363 and $3,095 for a two-bedroom. The median price per square foot to purchase an apartment in Williamsburg is $894, the same report states. "The demand for Williamsburg has intensified to the point where some buildings are achieving Manhattan level pricing," said Mavashev, senior director at Besen & Associates who represented the seller in the transaction. "We were taken aback by the interest level in this property and the GRM it traded for." This transaction is one of ten multifamily sales that Mavashev has brokered year-to-date. Raff, managing director at Besen & Associates, who procured the purchaser, said,"The delta between the average in-place rent here and average rent achieved across Brooklyn as a whole, let alone Williamsburg, is tremendous. While the purchaser paid a high multiple, the price still worked out to $300 per foot. They will do extremely well with this asset."