CT Holdings Acquires Mixed-Use Property In Clinton Hill, Brooklyn For $1.9M

Located at 519 Myrtle Avenue in Clinton Hill, Brooklyn, this mixed-use property was recently sold in a closed transaction. The property consists of 9 units with a total square footage of 7,515. The sale price for this property was $1,925,000, resulting in a price per unit of $213,888 and a price per square foot of $256. The buyer, CT Holdings, acquired this property from Legacy Equity Holdings.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $1,925,000
• Address: 519 Myrtle Avenue, Clinton Hill, Brooklyn
• Units: 9
• Price per Unit: $213,888
• Total Square Footage: 7,515
• Price per Square Foot: $256

The sale of this property was facilitated by the brokers Andrew Bronsteen and Shaun Riney from Marcus & Millichap. They played a pivotal role in overcoming various challenges related to title, certificate of occupancy (C/O), Division of Housing and Community Renewal (DHCR), and Department of Buildings (DOB). The successful completion of this deal was made possible by the outstanding work of attorney George Georgaklis from Georgaklis & Mallas, PLLC. His constant communication, transparency, expertise, and professionalism were essential in navigating the complexities of the transaction.

CT Holdings, the buyer, obtained this property at an attractive price, establishing a solid investment foundation in a highly desirable corner location. On the other hand, Legacy Equity Holdings, the seller, will be reinvesting their equity into a higher yielding project outside the state. The transaction marks a successful exchange of assets for both parties involved.