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."