“The buyer is going to renovate the building and help to revitalize the neighborhood,” said Aaron Jungreis.
Jungreis represented the seller, Coney Island Towers LLC, and the firm’s Billy Billitzer, represented the buyers, Proto Property Services and Community Development Trust.
The 380,000 s/f building was built in 1974. It sold for 5.6 times the rent roll.
The developers plan to spend about $12 million to renovate the building, a former affordable housing complex.
The other recent Brooklyn sales include the $12 million sale of 345 Lefferts Avenue and 130 Martense Street in Flatbush, apartment buildings that sold for 10 times the rent roll. Jungreis represented both the buyer and seller.
Two elevator apartment buildings at 21 & 31 East 21st Street in Flatbush were sold for $10.72, or 11 times the rent roll. And two walk-ups at 1373 and 1381 Sterling Place in Crown Heights were sold for $6.8 million.