Alpha Realty arranges the off-market sale of 3 buildings totaling $10 million

Alpha Realty recently brokered the sale of 3 mixed-use buildings on 7th Ave in Park Slope Brooklyn. Sellers were long-time local owners of these buildings.  Principal Lev Mavashev along with his associate Ben Normatov represented both the buyers and sellers in these off-market transactions: 

• 426 7th Ave. consisting of 4 Apartments and 1 Store sold for $3.15 million. The building is tax class 2A entailing 4400 s/f. The seller was a long-time local owner and the buyer was a private equity fund.
• 428 7th Ave. consisting of 6 Apartments and 1 Store sold for $ $4.525 million. The building is a tax class 2B entailing 8300 s/f. The seller was a long-time local owner and the buyer was a private equity fund.
• 477 7th Ave. a corner 8-unit building sold for $2.25 million and is a tax class 2B building with 6250 s/f. It was a fully rent-stabilized building and sold at a 6% Cap Rate. Both the buyer and seller are local private investors.

“We are seeing increased demand for smaller tax class 2A or 2B buildings right now” said Mavashev.  “These types of buildings offer investors downside protection from increased property taxes, especially as the city recovers from COVID.”