FOR IMMEDIATE RELEASE:
Edelkopf and Rosenfeld of Schuckman Realty Facilitate Sale of Crown Heights Multifamily Property
Brooklyn, NY; Schuckman Realty is pleased to announce the sale of a Multifamily walkup Building located at 117 Albany Avenue between Pacific Street and Dean Street in Crown Heights.
The subject property consists of Three residential units, including a 3-Bedroom/2 Bathroom triplex (including the cellar, Basement and 1st floor), and two 3-Bedroom/1 Bathroom units. The property was in Year 8 of a 10-year Master lease with Common Co-Living and the purchaser preferred to have the building delivered vacant and Re-Lease the units on an individual unit basis and operate the building as a traditional Multi-Family rental.
The building was delivered traded at $1,990,000 ($641/SF) and was 100% Vacant at the time of sale. (Note: the building would have been operating at what was a 5.56% cap rate with the Co-Living Master lease in place vs at a projected 5.22% Cap Rate once the building will be Leased up and operating as a traditional Multi-Family Rental).
Baruch Edelkopf and Joseph Rosenfeld of Schuckman Realty exclusively represented the seller, the date of the sale was February 1, 2023
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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. The Investment Sales team at Schuckman Realty Inc. brings vast and nuanced market knowledge, insight, and ingenuity to your portfolio from inception to completion. Schuckman Realty offers expertise in determining a property’s best use in terms of value gains to investors, extensive research and vetting process, access to qualified buyers and a proven sales & marketing team with a creative approach to maximize value.
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