Real Estate Weekly
Image default
Deals & Dealmakers

Bed-stuy boom continues

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.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando