40-Unit Clinton Hill Apartment Building Sells for $11.3M

Commercial brokerage Massey Knakal reports that the firm handled the sale of the multi-family building at 83 Clifton Place in Clinton Hill. The building, which is between Grand and Classon, has 40 apartments and was converted from a warehouse into affordable housing in 1999. Here’s how Massey is spinning the upside potential in a press release: “‘Onerous regulatory agreements associated with the property made this a complicated transaction and created a buyer pool of specific clientele. While the building faces an immediate substantial tax burden as the J-51 expires in a few years, the end result for the investor will be the opportunity to convert to condominiums,’ said Massey Knakal Director of Sales Stephen Palmese.” GMAP