Safina and Pallas of CPEX broker $1.55 million sale of 108 Gates Avenue; Team represented buyer and procured seller

The CPEX New York multifamily investment sales team brokered the sale of 108 Gates Ave. This marks the second building along Gates Ave. that the CPEX multifamily sales team has sold in the past month. Located between St. James Place and Cambridge Place in Clinton Hill, 108 Gates Ave. is a five-story brownstone that consists of four units totaling 4,000 s/f. The building was delivered with two units occupied and two units vacant. The buyer plans to renovate and rent the two vacant units. The sale price was $1.55 million, all cash. The building sold for $388 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. Safina and Pallas also sold 148 Gates Ave., a 3,200 s/f multifamily building in need of a gut renovation, for $1.35 million, or $422 per s/f. "Similar to the sale at 148 Gates, we received multiple offers on the property before completing the transaction with a local investor," said Safina. "The property traded at $388 per s/f. There is a high demand to purchase brownstones in Clinton Hill and the activity we saw on Gates Ave. is a prime example."