$46m beach buy tops busy week at Massey Knakal.Massey Knakal Realty Services just completed a busy week of sales. The firm sold a portfolio of six elevatored apartment buildings in the Brighton Beach Brighton Beach is a community on Coney Island in the borough of Brooklyn in New York City. and Flatbush sections of Brooklyn in a transaction valued at $46,000,000. The portfolio includes 219 Brightwater Court; 231 Brightwater Court; 3100 Brighton 2nd Street; 3130 Brighton 7th Street; 855 Ocean Avenue; and 699-711 Ocean Avenue. Each building was comprised of six floors for a combined total of 405 residential units. Made up of mostly rent stabilized or rent controlled tenants, many had Section 8 or other forms of adjusted rents. Pre-war construction boasts large bedrooms, wide hallways and beautiful ornaments on the facades. The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 4.55% and a gross rent multiple of 11.12. The properties sold for $106.94 per square foot. "These types of buildings rarely trade, and when they do, they attain record prices," said Massey Knakal founding partner Paul Massey, who exclusively represented the seller with brokers Michael Harari Michael "Mike" Harari (born 1927) was a member of the Mossad who directed the failed Lillehammer affair, and later became an arms-dealer and high-level advisor to General Manuel Noriega of Panama. and Eric Greenfield. Massey Knakal Realty Services was the sole broker in this transaction. In northern Manhattan, Massey Knakal's Patrick O'Malley
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The property contains approximately 74 units--59 of which are rent stabilized and 14 that are rent controlled. The transaction occurred at a capitalization rate of 2.59% and a gross rent multiple of 20.67. The property sold for $146.77 per square foot. "The average rent in the building is estimated at $9 per square foot in an area that averages $20 per square foot. There is massive upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar ," said O'Malley, Massey Knakal Realty Services and Margaret Streicker of New Castle Realty Services, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , were the brokers in this transaction. Robert Knakal exclusive represented the seller of a seven-story mixed-use building at 37 West 56th Street in the up-and-coming Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town West section of Manhattan in all-cash transaction valued at $10,200,000. Formerly home to Ambasciate D'Abruzzo Ristorante, the property contains approximately 13,725 square feet including eight large and recently renovated one-bedroom units. The transaction occurred at a capitalization rate of 3.93% and a gross rent multiple of 17.63. The building sold for $743.17 per square foot. "The property was purchased by a developer who also purchased three buildings to the east, carrying out his plans to do a combination hotel/ residential condominium project," said Knakal. Massey Knakal Realty Services and Josh Goldflam of Besen and Associates were the brokers in this transaction. |
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