Stuyvesant Avenue Multifamily Breaks Bed Stuy Sales Record
A tipster tells us that a three-story multifamily at 71 Stuyvesant Avenue in Bed Stuy has sold for $3,800,000, setting a new record for multifamily buildings in the neighborhood. The property last changed hands for $540,000 in 2010, after selling at a foreclosure auction a few months before, according to public records. The 6,200-square-foot apartment…
A tipster tells us that a three-story multifamily at 71 Stuyvesant Avenue in Bed Stuy has sold for $3,800,000, setting a new record for multifamily buildings in the neighborhood. The property last changed hands for $540,000 in 2010, after selling at a foreclosure auction a few months before, according to public records. The 6,200-square-foot apartment house has 12 units and sits near the corner of Stuyvesant and Dekalb Avenues. Until now, the most expensive multifamily sale was 281 Tompkins Avenue, which sold for $3,300,000 in January 2013.
Photo by Christopher for PropertyShark
I’m an art major and I can fo better than 5.6% on my crappy 401K investing. Is 5.6% return supposed to be good?
When u can leverage with cheap financing and pay off principal? Of course.
Especially when value in Brooklyn will probably match Manhattan if current trends continue.
Realty Advisors Group’s Kevin Clark handled the sale in an off market transaction. The 12 family had 10 market rate units and is one of the best renovations in all of Brooklyn for a “for rent” building. While the price set a record, the cap rate was relatively high compared to what is trading in the market right now.
bed stuy is finally getting the value recognition surrounding neighborhoods have been getting for years. Next up, is the eastern stretch of the neighborhood east of patchen
3.8 million for that location is insane. But close to the bushwick boarder and transport- so there is an upside.
On which property did Dixon outbid you? Why the hate! Smile!
Yes he does.
I saw this deal off market deal sheet from Realty Advisors Group and it is fully free market.
I hate when people make things up.
Free market buildings now are very sought after and selling at a premium since people saw that Deblasio meant business by decreasing the already mere allowable increase on rs units.