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| 15 Crown Street Apartments, Crown Heights/Prospect Heights Area Booklyn, NY |
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| Peter Von Der Ahe |
BROOKLYN, N.Y. – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of 15 Crown St., a six-story, 58-unit multifamily
building in the Crown Heights/Prospect Heights area of Brooklyn, N.Y.
The $11 million sales price equates to a 4 percent cap rate
and $189,655 per unit.
Peter
Von Der Ahe, Matthew Fotis and Adam Abuaf in Marcus & Millichap’s
Manhattan office represented both the seller and the buyer.
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| Matthew Fotis |
“The
property is a large elevator apartment building in good condition,” says Von
Der Ahe. “The average rent is low and the location is just steps from Prospect
Park.”
“This
sale marks the trend of new investors finding investment opportunities in
emerging Brooklyn submarkets,” adds Fotis.
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| Adam Abuaf |
“New York renters seeking alternatives to the area’s prime
neighborhoods has fueled demand for more affordable units, especially those
with luxury finishes.
"The new owner plans to upgrade unit interiors with
high-end finishes to satisfy this demand,” Fotis concludes.
15 Crown
St. is between Washington Avenue and Franklin Avenue, four blocks from express
subway lines 2, 3, 4 and S in Brooklyn, N.Y.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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