Edelkopf and Rosenfeld of Schuckman Realty Facilitate Sale of Two Free Market Buildings in Brooklyn
Brooklyn NY: Schuckman Realty is pleased to announce the successful sale of two free market multifamily walk-up buildings in Brooklyn. The sale was facilitated by Baruch Edelkopf and Joseph Rosenfeld of Schuckman Realty, who exclusively represented the sellers in both transactions.
117 Albany Ave. & 1127 Halsey St.
The first property, located at 117 Albany Avenue in Crown Heights, consists of three residential units, including a 3-Bedroom/2 Bathroom triplex and two 3-Bedroom/1 Bathroom units. The building was previously in year 8 of a 10-year master lease with Common Co-Living, but the purchaser preferred to have the building delivered vacant and re-lease the units on an individual unit basis. The property was sold for $1,990,000 ($641/SF) at a projected 5.22% Cap Rate.
The second property, located at 1127 Halsey Street in Bushwick, is a 100% fair market multifamily walk-up building consisting of three residential units, including a ground floor 3-Bedroom/4-Bathroom + Home office duplex unit and two 4-Bedroom/2-Bathroom apartments on the upper two floors. The building included in-unit washer-dryer and dishwasher and had an in-place average rent of $4,533/month at the time of sale. The property was sold for $2,735,000 ($912/SF) at a 4.93% cap rate on the in-place rent roll, and the seller was JF Global Estates – Jay Friedman.
There has been an increased demand for smaller tax class protected buildings in Brooklyn, and these two properties are prime examples of the trend. “We are seeing a shift towards smaller buildings with less regulatory oversight, which provide greater flexibility and potential for value-add opportunities,” said Edelkopf.
Contact Baruch or Joseph at: Baruch Edelkopf: be@schuckmanrealty.com | 646-919-2446 or Joseph Rosenfeld: jrosenfeld@schuckmanrealty.com | 718-501-8294 for a complementary property analysis or to discuss current market trends in Brooklyn
Baruch Edelkopf
Lic. Associate RE Broker
be@schuckmanrealty.com
Joseph Rosenfeld
Lic. RE Broker
jrosenfeld@schuyckmanrealty.com
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.
Keywords: Investment Sales, Real Estate Sales, New York Real Estate, Brooklyn Real Estate Sales, Property Sale, Real Estate News, Schuckman Realty
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