Joseph Friedman of Besen & Associates has sold 920-922 Madison Street in Brooklyn.
The subject property, located between Howard Avenue and Broadway, straddles both the Bushwick and Bedford-Stuyvesant neighborhoods. The property is four-story, 10,400 square feet residential walk-up building with thirteen apartments. The building was sold for $2,900,000, with Mr. Friedman representing both sides.
The property, including thirteen apartments equipped with 73 total rooms, was built in 1930. It is one block from the Palmetto Street/Broadway subway station, home to the J & Z trains. The price of $2,900,000 equates to a 5.3 percent cap rate, a gross rent multiplier (GRM) of 13, and $274 per square foot.
“There is unprecedented investor interest in this area of Brooklyn for multifamily product,” stated Friedman. “We expect this to continue for the forseeable future,” he added.