Building in Boro Park fetches $6m.A four-story apartment building with ground floor retail at 1207 49th Street in the Boro Park section of Brooklyn was sold by Massey Knakal Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Services in an all-cash transaction valued at $6,250,000. The 100-foot-wide property, also known as 4813 12th Avenue, contains 36 residential units and seven commercial units over approximately 36,000 s/f. The rent stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. building has an average rent of $760 per month. The property is just one block from the 13th Avenue retail corridor, considered the main retail artery serving the Boro Park community. 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 5.55% and a gross rent multiple of 11.67. The mixed-use property sold for $173.61 psf to Brooklyn Pinnacle Realty Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . "It isn't hard to understand why a building like this would receive so much attention," said Massey Knakal Broker Jason Maier, the exclusive agent on the sale. |
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