Steven Westreich, Westbridge Realty GroupBrooklyn, NY Westbridge Realty Group has brokered the sale of a four-building portfolio for $3.525 million to landlord J.Wasser & Co. This acquisition marks the seventh property purchased by J. Wasser & Co. in the last five months.
The properties are all located along the same block: 2832, 2836, 2844, and 2850 West 36th St. in Coney Island (between Neptune and Mermaid Aves.) Together the four walk-up buildings total 18,960 s/f and represent 24 residential units, with each building containing six units. The portfolio sold for 9.62 times the current roll, or $146,000 per unit and $185 per s/f.
Steven Westreich, president of Westbridge, represented the buyer, and the seller, West 36 RS LLC, a local investor, in the off-market transaction.
According to Westreich, the buyer, J. Wasser & Co., plans to hold the assets “for the long term” as they see the area slowly improving.
“We see what’s happening in other beach communities, and long-term we believe this area of Brooklyn will show significant appeal being two blocks from the Coney Island beach and boardwalk,” said Joe Wasser, CEO of J. Wasser & Co., which owns and manages 2,000 units across the city.
“With average in-place rents of approximately $1,270 per unit, we feel that there is a short-term growth opportunity in these properties,” Wasser said.
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