Tuesday, January 14, 2014

Crown Heights Apartment Building Trades Hands at $11 Million in Brooklyn, NY

  
15 Crown Street Apartments, Crown Heights/Prospect Heights Area
Booklyn, NY


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.

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.

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



No comments:

Post a Comment