Schuckman Realty is pleased to announce the sale of a Multifamily walkup Building located at 911 Nostrand Avenue between Crown Street and Montgomery Street in Crown Heights. Baruch Edelkopf and Joseph Rosenfeld of Schuckman Realty represented the landlord in the sale which closed on December 14th, 2022.
The subject property consists of Eight residential units, including four 2-Bedroom/1 Bathroom units, two Ground Floor Duplex units and two 4-Bedroom/2 Bathroom Penthouse/Duplex units. Being that this was an Alt 1 vertical alteration project from what was previously a three-story mixed-use 2 over 1 built prior to 1974; there was a concern that the new property (which now has 8 Units) would have triggered rent stabilization. The property, therefore required proof of substantial rehabilitation and an extensive due diligence review to assure that the building is indeed 100% Fair Market.
The building was delivered traded at $4,730,000 ($669/SF) at a 4.72% cap rate which was a 4.52%Cap rate at the time that the deal was negotiated.