Selling Points: Clinton Hill Buildings Sell For $35M

Pair of Clinton Hill buildings sell for $35M

 

The Corbin Group at Besen & Associates and MYC & Associates is pleased to announce the sale of 97 Grand Avenue and 96 Steuben Street.  Located in Prime Clinton Hill, just 6.5 miles from midtown Manhattan, 97 Grand Avenue and 96 Steuben Street are in close proximity to the best of Brooklyn’s retail, restaurant, and entertainment offerings.

 

The property is two elevator buildings including a total of 60,282 square feet, 62 apartments and 31 indoor parking spaces. It was sold for $35,250,000 by Greg Corbin, Miguel Jauregui and Marc Yaverbaum.

 

Constructed in 2012, both buildings have rooftop lounges featuring unobstructed 360 degree views of the Brooklyn and Manhattan skylines.

 

The sale price equates to $584 per square foot, $568,548 per unit, 14.6 GRM and Cap Rate of 5.1%. The subject properties enjoy the benefits of a 421-A tax abatement and are nestled among eight other new-construction buildings.

 

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