By Roland Li
Four Brooklyn mixed-use buildings have sold for $31 million.
Rosewood Realty brokered the off-market deal, which includes a total of 225,000 s/f of residential and retail space, divided amongst four six-story elevator buildings with 250 residential units and 30 retail stores. The pre-war buildings are at 10 Midwood Street, 50 Lincoln Road, 64 Lincoln Road and 2121 Beekman Place in the Lefferts Garden neighborhood.
The seller was a fund and the buyer was a local landlord, with a large portfolio of buildings in the area. The buyer had been seeking to buy the properties for over two years, but the recovery of the investment sales market and willingness of banks to lend allowed the deal to close within 10 days. It closed at $110,000 per unit, or $137 per s/f.
Aaron Jungreis and David Berger of Rosewood represented both the buyer and seller.
“The area is exploding,” said Berger, managing director of Rosewood. “People are moving there in droves as they get priced out locations in the city.”
The proximity of Crown Heights and Prospect Park has been major forces for new residents, and increasing retail options have also lured new residents.
The four buildings have a total of $2.6 million annual residential income and $900,000 total annual commercial income. The retail spaces consist of cafés, restaurants, hair salons and pharmacies and are fully leased, said Berger.
Rosewood, which was founded in 2007 by Jungreis and Berger, focuses on multifamily and office buildings in the tri-state area ad Florida. It has closed on 17 Brooklyn buildings this year.