Selling Points: Benchmark deals in Brooklyn


Amit DoshiShallini Mehra and Ron Cohen of Besen & Associates announced the sale of 50 Orange Street in Brooklyn Heights.


The 14,850 s/f gut renovated, limestone façade elevator building consists of 20 luxury free market apartments.


The property was at one time owned by the Watchtower Bible Society. The present ownership invested an additional $2 million in condo quality finishes in the apartments as well as modern amenities, including a smart phone video intercom, roof deck, fitness room, a putting green, dart room and bike room.


The $18 million sale price equates to 22.3 GRM, $900,000 per unit, $1,212 per square foot and a 3.8 percent capitalization rate.


The all cash, no contingency, winning bid was by an overseas investment company.


“This is an exceptional asset for an investor with patient money,” stated Mehra. “Brooklyn Heights is the new West Village”.


According to Doshi, “To date, the majority of the 2,000 multifamily buildings we’ve sold have been rent stabilized.


“This trade is indicative of a shift in investor sentiment towards free market assets. This is our second sale this year for Benchmark Real Estate Group, having previously sold 65 Bank Street in the West Village.”


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