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180 Scholes Street

The Multi Family property located in New York that spans 40,000 square feet sold for $18,050,000 or $451 PPSF. The deal closed 9 months and 11 days ago. The brokers of the deal were Manu Pohani, Pavan Uttam, Robert (Rob) Moore, DJ Johnston and Bryan Kirk

  • Location image 180 Scholes Street, Brooklyn, NY, USA
  • Sold Value
    image $18,050,000
    image $451
  • Asset Type image Multi Family
  • Area image 40,000 SF
  • Parties image5 Brokers,1 Lender,1 Agency
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Manu Pohani

  • Deals 2
  • Volume $35,850,000
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Pavan Uttam

  • Deals 2
  • Volume $35,850,000
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Robert (Rob) Moore

B6 Real Estate Advisors
  • Deals 10
  • Volume $79,970,000
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DJ Johnston icon

B6 Real Estate Advisors
  • Deals 53
  • Volume $341,240,000
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Bryan Kirk

B6 Real Estate Advisors
  • Deals 14
  • Volume $85,320,000
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Lender
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Comparables: 180 Scholes Street

Showing 4 of 63

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Price Icon $16,800,000

  • StatusSOLD, $857 PPSF
  • Date08/04/22
  • Address326 East 4th Street, New York City, New York 10009, United States
  • Address326 East...
  • AssetMULTI FAMILY
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Price Icon $15,500,000

  • StatusSOLD, $1305 PPSF
  • Date08/04/22
  • Address5 East 63rd Street, New York City, New York 10065, United States
  • Address5 East...
  • AssetMULTI FAMILY
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Price Icon $19,750,000

  • StatusSOLD, $468 PPSF
  • Date06/15/22
  • Address1988 Anthony Avenue, The Bronx, New York 10457, United States
  • Address1988 Anthony...
  • AssetMULTI FAMILY
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Price Icon $15,700,000

  • StatusSOLD, $175 PPSF
  • Date07/29/22
  • Address6801 19th Avenue, Brooklyn, New York 11204, United States
  • Address6801 19th...
  • AssetMULTI FAMILY
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This Deal on Social

SALE
IMAGE: Robert Moore, Bryan Kirk, DJ Johnston, Pavan Uttam & Sidharth Lakhani
DATE: 11/08/2021
ADDRESS: 180 Scholes Street
MARKET: Williamsburg, Brooklyn
ASSET TYPE: Multifamily

BUYER: Sidharth Lakhani (@Sidharthl)
SELLER: Baruch Rosenfeld
BUYER’S REP: Pavan Uttam (@PavanU70) – Coastal UP Partners
SELLER’S REP: DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk & Robert Moore – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $18,050,000
UNITS: 34 ~ PPU: $530,882
SF: 40,000 ~ PPSF: $451

NOTE FROM @B6RealEstate: B6 Real Estate Advisors has successfully sold 180 Scholes Street, a 34-unit rental building in Williamsburg, Brooklyn. This elevatored building was developed in 2012 & offered large unit layouts & indoor parking. The property benefited from a 421a tax abatement that is set to fully expire in 2028. As a condition of the abatement, the building is 100% rent stabilized with no preferential rents. It can ultimately be converted to market upon tenant turnover after the abatement expires.

The sales price of $18,050,000 reflects a cap rate of 4.8% on unabated NOI, plus a 5.5% discount rate applied to the tax savings over the remaining term of the abatement.

We at B6 have become experts in marketing & valuing tax abated multifamily buildings in NYC. If you own a property with a tax abatement, please reach out for our thoughts on how it gets valued, & how you can maximize its value to the market.

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SALE
IMAGE: Robert Moore, Bryan Kirk, DJ Johnston, Pavan Uttam & Sidharth Lakhani
DATE: 11/08/2021
ADDRESS: 180 Scholes Street
MARKET: Williamsburg, Brooklyn
ASSET TYPE: Multifamily

BUYER: Sidharth Lakhani (@Sidharthl)
SELLER: Baruch Rosenfeld
BUYER’S REP: Pavan Uttam (@PavanU70) – Coastal UP Partners
SELLER’S REP: DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk & Robert Moore – B6 Real Estate Advisors (@B6RealEstate)

SALE PRICE: $18,050,000
UNITS: 34 ~ PPU: $530,882
SF: 40,000 ~ PPSF: $451

NOTE FROM @B6RealEstate: B6 Real Estate Advisors has successfully sold 180 Scholes Street, a 34-unit rental building in Williamsburg, Brooklyn. This elevatored building was developed in 2012 & offered large unit layouts & indoor parking. The property benefited from a 421a tax abatement that is set to fully expire in 2028. As a condition of the abatement, the building is 100% rent stabilized with no preferential rents. It can ultimately be converted to market upon tenant turnover after the abatement expires.

The sales price of $18,050,000 reflects a cap rate of 4.8% on unabated NOI, plus a 5.5% discount rate applied to the tax savings over the remaining term of the abatement.

We at B6 have become experts in marketing & valuing tax abated multifamily buildings in NYC. If you own a property with a tax abatement, please reach out for our thoughts on how it gets valued, & how you can maximize its value to the market.

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Contact Manu Pohani

Robert Moore is a Director of Investment Sales at B6 Real Estate Advisors, specializing in the sale of multifamily, retail...

Mr. Johnston is a Partner, Senior Managing Directors at B6 Real Estate Advisors, where he oversees investment sales in Brooklyn’s...

Mr. Kirk is a Director at B6 Real Estate Advisors, where he works alongside Robert Moore, Director, focusing on investment...

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