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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.
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Title Annotation:Massey Knakal Realty Services Inc.
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:May 18, 2005
Words:163
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