Clinton Hill Affordable Housing Sells for $11M


A 50-unit affordable housing building at 139 Emerson Place in Clinton Hill has changed hands in an all-cash deal for $11 million, according to Massey-Knakal, which brokered the sale. This is the second affordable housing sale in Clinton Hill the real estate firm has handled this year. The six-story building located between Myrtle and Willoughby avenues close to Pratt has an elevator and 12 parking spaces. The sale price works out to be approximately $274 per square foot, representing a 6.7% capitalization rate, said Massey-Knakal. The buyer was not named. GMAP
Photo by Scott Bintner for PropertyShark