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March 13, 2008

Commercial Sales in Brooklyn

linden-and-nu-03-2008.jpg
FLATBUSH $7,157,000
223 Linden Boulevard, 199 Linden BoulevardGMAP
Urban American, which became a big player on the Brooklyn rent-stabilized scene after its $250 million King & Queens portfolio purchase last fall, sold these two buildings. Each property has 145 units, and 223 Linden is rent-stabilized (we're not sure about 199 Linden). The address of the LLC that bought the properties is the same as the one on record for colorful landlord/developer Baruch Singer and his company Triangle Management.

Boerum Hill $17,240,000
75 Smith Street GMAP
Hersha Hospitality Trust's purchase of the hotel portion of Shaya Boymelgreen's The Smith was recorded in city records last week. Hersha says it's going to spend $6 million finishing the property and open it as "The Nu."




Posted by Gabby at 10:32 AM | Comments (7)
Categories: Commercial Real Estate, Sales

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Comments

$49,000 a unit is a good price. That means the average rent is about $500 a month at a 5% cap rate.

Prudent management can easily get that average rent up over a couple of years. They'll have to strictly enforce the law, and this will undoubtedly piss tenants off, but it can be done.

Posted by: Polemicist at March 13, 2008 10:47 AM

"The Nu"? Seriously?

Posted by: guest at March 13, 2008 12:35 PM

Maybe it should be the "So Nu?"

Posted by: guest at March 13, 2008 12:39 PM

Oi! Gevalt!

Posted by: guest at March 13, 2008 1:31 PM

The Gnu.

Posted by: guest at March 13, 2008 2:02 PM

1:31, I believe that should be "Oy! Gevalt!"
Unless you're an Australia supporter:
"Aussie Aussie Aussie! Oi oi oi!"

Posted by: guest at March 13, 2008 4:35 PM

The addresses of the two properties is not correct - they are 201 and 221 Linden Boulevard. My grandparents lived there from 1933-1969 and our butcher is still on the next block (Michael's on Nostrand Avenue)

Posted by: guest at March 18, 2008 2:33 PM

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