Four six-story elevator apartment buildings changed hands to the tune of $35.3 million last week, brokered by Rosewood Realty Group. That’s 324 units and four commercial spaces sold for “10.4 times the current rent roll,” reports the New York Real Estate Journal. The buildings are 715 St. Marks Avenue, 649 Empire Boulevard and 621 Lefferts Avenue, in Crown Heights, and 114 Albemarle Road in Kensington, which the paper called “emerging neighborhoods.” “The seller is a family that owned the buildings for over 50 years,” Jungreis said, adding they were sold to another “very active” Brooklyn family, one that “will benefit from the fact that the former owners have left some delicious low hanging fruit for the new owners who will further enjoy appreciation of those assets.” We talked to Jungreis, who assured us that this won’t be a Stuyvesant Town situation, where longtime rent stabilized tenants worry they’ll lose their spots. “These are regular, normal, longterm holders. They’re two young guys in the family business, they just want to hold.”
Rosewood Realty Completes $35.3m Multifamily Portfolio Sale [NYREJ]
Photos from Property Shark.