Schuckman Realty Sells 8-Unit Multifamily Property In Crown Heights For $4.73M

911 Nostrand Avenue, located between Crown Street and Montgomery Street in Crown Heights, has been sold for $4,730,000. The property is a multifamily asset comprising of eight residential units. This includes four 2-bedroom/1-bathroom units, two ground floor duplex units, and two 4-bedroom/2-bathroom penthouse/duplex units. With a total area of 7,068 square feet, the price per square foot comes to $669. The sale was finalized at a cap rate of 4.72%, which was negotiated at 4.52% initially.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,730,000
• Units: 8
• Price Per Unit: $591,250
• Square Footage: 7,068
• Price Per Square Foot: $669

The brokers involved in this transaction were Baruch Edelkopf and Joseph Rosenfeld from Schuckman Realty, along with Ari Harkov from Brown Harris Stevens. Schuckman Realty is pleased to announce the sale of 911 Nostrand Avenue, which underwent an Alt 1 Vertical Alteration project to convert the property into eight units. There were concerns regarding rent stabilization, as the new property required substantial rehabilitation and an extensive due diligence review to establish it as 100% fair market. The deal was successfully negotiated, leading to the final sale price mentioned above.

For more information about the sale or to compare valuation notes on similar properties, please contact Joseph Rosenfeld at [email protected] or 718-501-8294, and Baruch Edelkopf at [email protected] or 646-919-2446.