Alpha Realty
Brooklyn, NY Alpha Realty brokered the sale of 110 Ave. C located in the borough’s Kensington neighborhood. The firm’s principal, Lev Mavashev, represented both the buyer and seller in this transaction. The four-story apartment building consists of 21 units totaling 16,000 s/f. The deal was marketed at $4.25 million, and was sold at a significant discount of $3.35 million, equating to $209 per s/f and $159,523 per unit. The buyer and seller are both local private investors.
In regard to the market, Mavashev said, “Pricing on rent stabilized buildings has definitely decreased since the passage of the new rent laws back in June by about 25%. In regards to some cases, we haven’t seen such prices since 2012. This new reality in the market has resulted in increased interest from local owners/operators who are generally long-term holders. I think they will be the buyers of 2020.”
“The buyer for 110 Ave. C is a longtime investor in the Kensington neighborhood that was in search of properties nearby. He was not particularly worried about the new rent laws as he has long-term plans. I would not be surprised to see a significantly higher sales volume next year, driven by this particular class of buyers,” Mavashev said.
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