Brooklyn, NY Alpha Realty completed the sale of 1193, 1199, and 1205 Eastern Parkway for $11.3 million. The 3 contiguous buildings on Eastern Parkway are located in Crown Heights neighborhood.  The properties, all four-story walk-up buildings, combined consist of 50-units and 55,000 s/f.  The deal price achieved a 15x rent multiple and equated to $205 price/s/f.

Alpha Realty’s managing partner Lev Mavashev negotiated the off-market deal. The buyer is NY-based multifamily operator Albert Srour, while the seller is STF 1193-1205 Eastern Pkway. Holding, a local private investor.

“Buyer was searching to acquire a well-located asset with such upside potential and quickly recognized the opportunity in this deal.” said Mavashev.