News:
Brokerage
Posted: April 11, 2011
Shalom of Massey Knakal sells 47-unit apartment building for $3.8 million; Four-story, 38,000 s/f property located at 1974 51st Street, Brooklyn
An apartment building at 1974 51st St., located on the corner of 51st St. and 20th Ave. in the Boro Park neighborhood, was sold in an all cash transaction valued at $3.8 million. The four-story building is 38,000 s/f and sits on a 119' x 100' lot. The building contains 47 residential units.
"We were retained by the owners with the approval of the U.S. Bankruptcy Court to market the property in accordance with Sales Procedures ordered by the Court," said Massey Knakal first VP of sales Jeffrey Shalom, who was the exclusive broker for the deal. "The court ordered procedures required a short marketing period and a strict bidding process. Also, the owner-partners had a right of first refusal to buy the property."
Tags:
Brokerage
MORE FROM Brokerage
SABRE coordinates sale of six properties totaling 199,845 s/f
Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
.jpg)
Quick Hits
Columns and Thought Leadership
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski
The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
.gif)