Jay B. Ringel Acquires Multifamily Property In Brooklyn Heights For $12.25M

Located in Brooklyn Heights, Brooklyn, the multifamily property at 19 Cranberry Street has been sold in a recent transaction. The property is zoned as R6, LH-1 and offers a total building square footage (BSF) of 4,738. The price for this transaction was $12,250,000, resulting in a price per BSF (PPBSF) of $2,585. The property spans 4,154 square feet, with a price per square foot (PPSF) of $2,948. The lot has a size of 1,950, and the previous sale for this property took place on August 12, 2008, at a price of $3,850,000. In March 2018, an alteration permit (Alteration 2) was issued for the property. The lot dimensions measure 26 feet by 75 feet, and the floor area ratio (FAR) is 2.13. The property falls under tax class 1.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $12,250,000
• Market: Brooklyn Heights, Brooklyn
• Buyer: Jay B. Ringel
• Seller: James B Lansil
• BSF: 4,738
• PPBSF: $2,585
• SF: 4,154
• PPSF: $2,948
• Lot Size: 1,950
• Last Sale Price: $3,850,000 (08/12/2008)
• Permits: Alteration 2 (03/09/2018)
• Lot Dimension: 26 ft x 75 ft

The buyer of the property is Jay B. Ringel, while the seller is James B Lansil. This transaction represents a significant investment in the Brooklyn Heights market, showcasing the confidence the buyer has in the area. The deal was finalized on 07/08/2022, marking a successful agreement between both parties involved. The property's attributes and prime location contribute to its appeal and long-term value.