Garcia of Besen & Associates Handles $4.45 Million Sale of 6,000 SF Brooklyn Multifamily
Brooklyn, NY Besen & Associates has completed the sale of 213 North 7th St. in the Williamsburg neighborhood for $4.45 million. Matthew Garcia was the sole broker in the transaction.
Located between Driggs & Roebling, and 100 ft. from the Bedford Ave. subway station entrance, the property is in the epicenter of North Williamsburg. It is a 4-story, 6,000 s/f, 25 ft. wide multifamily building containing eight apartments.
Garcia said, “The purchaser is a local investor who was attracted to this asset because it was a natural geographic fit for their portfolio and it offers long-term stabilized value. We were able to structure a deal with several units delivered vacant at closing, to capitalize on immediate rental growth through renovations and reconfiguring certain layouts.”
The sales price equates to $750 per s/f and an initial capitalization rate at 3.1%.
The property was owned by the same family for the past 40 years. The sale price reflected the continued high demand for these types of assets in the area.
“Investors with the foresight to realize the L train shutdown should only have minimal short-term effect on rental rates have continued to foster demand in the area,” said Garcia.
Besen & Associates is a leading, full-service investment sales brokerage founded in 1988. It is consistently ranked a top performer by transaction volume. Besen offers deep knowledge and sophisticated analytical tools to handle all facets of commercial real estate transactions including investment sales, re-positioning, financing, or lease negotiations. Working with a range of investors from single-property owners to institutional and private equity investors, Besen customizes appropriate solutions for all of its clients.