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Residential

Mavashev of Alpha Realty Brokers the $24M Sale of Crown Heights Multifamily

Alpha Realty is pleased to announce the sale of 792 Sterling Place in the Crown Heights section of Brooklyn which traded at $24,000,000 in an off market transaction.  Managing Principal Lev Mavashev, represented both parties in the transaction.  This is the first sale of the building since the site was acquired for $4.7 million in 2007 and the property was
built in 2009. The 61,565-square-foot property traded at $390 per square foot and a 6.4% capitalization rate, at more than 13.4 times the rent roll.

The 5-story elevator building is constructed to 61,565 square feet and is comprised of 82 large spacious apartments consisting of 30 studios, 34 one-bedrooms and 18 two-bedrooms.  Located between Rogers Avenue and Nostrand Avenue, the property is in an ideal location near Prospect Park and is within short reach of subways, retail shopping
and local educational facilities. Building amenities include a parking lot with 58 spaces, a fitness room, and a laundry facility. Additionally, a 421a tax abatement is in place until 2034.

Commenting on the deal, Lev Mavashev noted “The building is at great location with very
strong local demand for rental units. The buyer was seeking a sizable multifamily property that is of newer construction in the area, and this deal fit his investment criteria to a tee. From the seller’s perspective, the purchase price satisfied their target return, and they were delighted to transact, especially in such a rising interest-rate environment.”

Noting further, Lev Mavashev said “Crown Heights is a thriving cultural hub, offering residents easy access to the borough’s preeminent institutions. Paired with an overwhelming demand for housing options within a highly sought-after area, this property offers a powerful investment opportunity.”

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