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117 Albany Avenue
SOLD

Brown Harris Stevens Acquires MultiFamily Building In Crown Heights For $1.99M

117 Albany Avenue

MultiFamily
3,104 SF
clock iconSold 1 year ago
Joseph Rosenfeld
Baruch Edelkopf
Ari Harkov
the dealplayerscompscontact
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Summary

Sale
NEW YORK
MultiFamily
3,104 sqft

Schuckman Realty is pleased to announce the sale of a Multifamily walkup Building located at 117 Albany Avenue in Crown Heights, New York City. The property consists of three residential units, including a 3-Bedroom/2 Bathroom triplex (including the cellar, Basement and 1st floor), and two 3-Bedroom/1 Bathroom units. The building was delivered traded at a sale price of $1,990,000 with a total of 3,104 square feet.

Summary of Transaction Details

  • Property Type: Multi-Family
  • Transaction Amount: $1,990,000
  • Units: 3
  • Price Per Unit: $663,333
  • Square Feet: 3,104
  • Price Per Square Foot: $641
  • Address: 117 Albany Avenue, Crown Heights, New York City

The buyer's representative for this transaction was Ari Harkov from Brown Harris Stevens, while Joseph Rosenfeld and Baruch Edelkopf from Schuckman Realty represented the seller. The sale was completed on 02/01/2023.

Note from Schuckman Realty: The subject property was previously in Year 8 of a 10-year Master lease with Common Co-Living. However, the purchaser preferred to have the building delivered vacant and re-lease the units on an individual basis, operating the building as a traditional Multi-Family rental. It is important to note that the building was 100% vacant at the time of sale, presenting an opportunity for the buyer to maximize revenue through traditional Multi-Family rental operation.

Players

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    5

  • Agents

    3

  • Agencies

    2

Joseph Rosenfeld's profile picture
Joseph Rosenfeld
Schuckman Realty-image
Licensed Real Estate Salesperson
$53.3M Sold

Details

Deal Summary
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SOLD
IMAGE: Ari Harkov, Baruch Edelkopf & Joseph Rosenfeld DATE: 02/01/2023 ADDRESS: 117 Albany Avenue MARKET: New York City ASSET TYPE: MultiFamily BUYER'S REP: Ari Harkov (@AriHarkov) - Brown Harris Stevens (@BrownHarrisStevens) SELLER'S REP: Joseph Rosenfeld (@Joseph.Rosenfeld) & Baruch Edelkopf (@Emh8212) - Schuckman Realty (@SchuckmanRealty) SALE PRICE: $1,990,000 UNITS: 3 ~ PPU: $663,333 SF: 3,104 ~ PPSF: $641 NOTE FROM @SchuckmanRealty: Schuckman Realty is pleased to announce the sale of a Multifamily walkup Building located at 117 Albany Avenue between Pacific Street and Dean Street in Crown Heights. The subject property consists of Three residential units, including a 3-Bedroom/2 Bathroom triplex (including the cellar, Basement and 1st floor), and two 3-Bedroom/1 Bathroom units. The property was in Year 8 of a 10 year Master lease with Common Co-Living and the purchaser preferred to have the building delivered vacant and Re-Lease the units on an individual unit basis and operate the building as a traditional Multi-Family rental. The building was delivered traded at $1,990,000 ($641/SF) and was 100% Vacant at the time of sale. (Note: the building would have been operating at what was a 5.56% cap rate with the Co-Living Master lease in place vs at a projected 5.22% Cap Rate once the building will be Leased up and operating as a traditional Multi-Family Rental).

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Address117 Albany Avenue

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