Printer Friendly

Massey Knakal sells Brooklyn portfolio.

Massey Knakal Realty Services has sold a portfolio consisting of six walk-up apartment buildings in the Prospect Heights, Crown Heights and East Flatbush neighborhoods in Brooklyn in an all-cash transaction valued at $22,750,000.

The buildings are located at 391 Saint Johns Place; 392-406 Saint Johns Place; 395-399 Saint Johns Place; 1663-1647 Sterling Place; 1281-1289 Union Street; and 2610-2624 Beverly Road.

Combined, they contain a total of 275 apartments, nine commercial spaces and 270,600 square feet.

The transaction occurred at a capitalization rate of 5.98% and a gross rent multiple of 9.19. The properties sold for $84.07 per square foot.

"Many of Brooklyn's largest multifamily investors have been attracted to the financial upside of these well-maintained assets," said Massey Knakal Broker Chadwick Castle, who exclusively represented the seller with fellow Brokers Guy Barretta, Kevin Holmes and Chairman Robert Knakal.

The properties were purchased by a Brooklyn investor. Massey Knakal Realty Services was the sole broker in this transaction.
COPYRIGHT 2005 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Massey Knakal Realty Services Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 18, 2005
Previous Article:Newcomer's $60m Long Island shopping spree.
Next Article:Mack-Cali offloads NJ office building.

Related Articles
Massey Knakal Realty Services.
Massey Knakal Realty Services.
Massey Knakal Realty Services.
Massey Knakal.
Massey Knakal Realty Services.
Massey Knakal sells warehouse for $23m.
Massey Knakal Realty Services.
Massey Knakal Realty Services.
Massey Knakal Realty Services.
Air is sold for $1m.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters