Recent Sale $11.375M: 24-10, 24-16 and 24-20 29th Street (24th Avenue and Hoyt Avenue North)
24-10, 24-16 and 24-20 29th Street (24th Avenue and Hoyt Avenue North)
A private investor has bought these three contiguous four-story walk-ups, with a total of 25,000 square feet, and 27 apartments (nine in each building). There are eight two-bedroom and 19 three-bedroom apartments, of which six are free-market and 21 rent-stabilized. The 1924 building sold for 16.2 times the rent roll, with a cap rate of 3.8 percent.
Buyer: Dmdal L.L.C.
Buyer’s Brokers: Greg Corbin and Aaron Kline, Besen & Associates
Seller: 24-10 29th Street L.L.C.