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

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.