Edelkopf and Rosenfeld of Schuckman Realty facilitate sale of 911 Nostrand Ave.
Brooklyn, NY Schuckman Realty sold a multifamily walk-up building located at 911 Nostrand Ave. between Crown St. and Montgomery St. in Crown Heights. Baruch Edelkopf and Joseph Rosenfeld of Schuckman Realty represented the landlord in the sale which closed on December 14th, 2022.
The subject property consists of eight residential units, including four two-bedroom/one bathroom units, two ground floor duplex units and two four-bedroom/two bathroom penthouse/duplex units. Being that this was an Alt 1 vertical alteration project from what was previously a three-story mixed-use two over one built prior to 1974; there was a concern that the new property (which now has eight units) would have triggered rent stabilization. The property, therefore required proof of substantial rehabilitation and an extensive due diligence review to assure that the building is indeed 100% fair market.
The building was delivered traded at $4.73 million ($669 per s/f) at a 4.72% cap rate which was a 4.52% cap rate at the time that the deal was negotiated.