Safina and Pallas of CPEX arrange the sale of Clinton Hill Brownstone for $1.35 million

The CPEX New York multifamily investment sales team arranged the sale of 148 Gates Ave. The property is located between Grand Ave. and Downing St. in Clinton Hill. 148 Gates Ave. is a four-story, two-family brownstone totaling 3,200 s/f. The building was delivered vacant and in need of a gut renovation. The sale price was $1.35 million. The building sold for $422 per s/f. CPEX's multifamily sales team, consisting of associate director Stephen Safina and associate Michael Pallas, represented the seller and procured the buyer. The buyer plans to renovate the building and use it as their primary residence. "After receiving multiple offers on the property, we ultimately completed the transaction with an end-user," said Safina. "The property traded at $422 per s/f, which is a good reflection of value for brownstones in need of renovation within the neighborhood. In today's market, multi-family brownstones in renovated or restored condition are trading at approximately double that price."