FOR IMMEDIATE RELEASE: Edelkopf and Rosenfeld of Schuckman Realty Sell Eight Unit Bed-Stuy Multifamily Building
Brooklyn, NY; Schuckman Realty is pleased to announce the sale of 558 Lafayette Avenue located between Bedford Avenue & Nostrand Avenue in the Bedford-Stuyvesant Neighborhood of Brooklyn.
Baruch Edelkopf and Joseph Rosenfeld represented the landlord.
The Subject property was developed in the Early 2000’s and is currently in year 17 of a 25 Year 421A Tax abatement, rendering the building 100% Rent Stabilized for the remainder of the abatement.
The building totals eight oversized residential units, with a unit mix of Four 2-Bedroom/1-Bathroom units, Two 4-Bedroom/2-Bathroom Duplex Units and Two 3-Bedroom/ two Bathroom Penthouse Units. The in-place rents at the time of sale were discounted from the DHCR Legal rents (Attributed to Concessions/Preferential Rents which were offered during Covid) and the purchaser was a 1031 Buyer who was prepared to purchase the building at a lower day one yield anticipating the units to re-lease at a rate which is closer to their Pre-Covid/Legal rents upon natural turnover of the existing tenancy.
The building was delivered traded at $5,050,000 ($558/SF) at what would translate to a day one cap rate of 4.31% and a Pro-Forma 5.69% Cap Rate (*both rates presented here include the unabated Taxes + the NPV of the remaining term of the abatement at a 5% Discount Rate).
For more information regarding this sale, or to compare notes on the underwriting considerations you can expect to see buyers apply on Tax abated properties, please feel free to direct message Baruch or Joseph.
Baruch Edelkopf: email@example.com
Joseph Rosenfeld: firstname.lastname@example.org
About Schuckman Realty Inc.: Schuckman Realty is a full service commercial real estate services firm serving New York City, Long Island, New Jersey, and the surrounding tri-state area. Schuckman has developed a reputation as a leading retail broker and developer in the New York Metro area, with special expertise in developments, redevelopments, and renovations in all Five Boroughs of New York City and Long Island. As a strategic planner of retail stores, shopping centers and boutique projects, Schuckman has been responsible for tens of millions of square feet of leasing and development and has been hired by numerous national retail chains to facilitate macro–market penetration. We attribute our success to our intimate team’s proficiency in market analysis and site planning, in addition to tireless dedication and extensive experience from both sides of the table.
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