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| 2217 Caton Avenue, Prospect-Lefferts Gardens Neighborhood, Brooklyn, NY |
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| Rob Rizzi |
NEW YORK, NY – June 23, 2015 – HFF announced
today that it has closed the $14.225 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in
Brooklyn’s Prospect-Lefferts Gardens neighborhood.
HFF marketed
the asset on behalf of the seller, Second City Real Estate. Caton Acquisition Partners, LLC purchased the
asset free and clear of existing debt.
HFF previously assisted the seller in securing financing for the
property in January 2014.
2217 Caton
Avenue is located at the intersection of Caton and Bedford Avenues,
approximately four blocks from the Church Avenue subway station.
Built as condominiums in 2010, the nine-story
property has 29 two-bedroom residential rental units that are 97 percent leased
and 2,698 square feet of ground floor retail space, which is fully occupied by
a local daycare center.
The property is
near Prospect Park and benefits from a 421-a and ICIP tax abatement.
The HFF
investment sales team was led by managing directors Rob Rizzi and Jeff Julien,
associate director Rob Hinckley and
real estate analyst Steven Rutman.“Second City
Real Estate executed an exceptional repositioning strategy, getting into a
prime Brooklyn neighborhood early in the cycle, substantially improving the
asset’s operations and creating impressive increases in profitability and
ultimately value,” said Rizzi.
For a complete copy of the company’s
news release, please contact:
Olivia
Hennessey
Public
Relations Coordinator
HFF | 9
Greenway Plaza Suite 700 | Houston, Texas 77046
tel
713.852.3403 | fax 713.527.8725 | www.hfflp.com
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