A Clutch of Apartment Buildings Sells in Bed Stuy

A group of six multifamily buildings in Bed Stuy sold to an unnamed buyer for $7.3 million on July 20, according to Massey Knakal, who brokered the sale. Except for two buildings that border Saratoga Park, all are in or close to the Stuyvesant Heights historic district. One building, at 654 Putnam Avenue (above), looks like it could be the work of architect Amzi Hill, with its decorative courses of brickwork and rusticated facing. The whole package includes 47 apartments in total, 38 of which were renovated with new kitchens, baths, and separate utilities. “At close to $200 per square foot, this package of renovated buildings offered the scale required by a new wave of patient investors who were happy to pay a premium to gain exposure to this well-positioned neighborhood,” said Massey Knakal Director of Sales Michael Amirkhanian. The sale does not yet appear to have hit public records. All six buildings changed hands in 2011.
Update: The buyer is real estate investment firm IWC Capital Management LLC. TerraCRG arranged financing for the deal.
Photo by Christopher Bride, PropertyShark