City Urban Realty acquires multifamily for $5.9 million

Photo of a four-story multifamily property in Brooklyn, NY

385 Vernon Avenue - Brooklyn, NY

Brooklyn, NY Michael Alvandi’s City Urban Realty has closed the $5.9 million purchase of a four-story multifamily on the Bedford-Stuyvesant and Bushwick border. The property, located at 385 Vernon Ave. between Stuyvesant Ave. and Lewis Ave. is around the corner from the Myrtle Ave. stop along the J, M, Z subway lines. Constructed new in 2008, the building has 16 apartments and parking for its tenants.

Due to its proximity to Manhattan and public transportation, the area has seen great gentrification in recent years resulting in a rise in rental rates.

“We love the area because you can be in Manhattan within 10 minutes and with the potential closure of the L train for Sandy-related repairs we believe properties along the J, M, Z lines will benefit greatly as residents seek alternative living accomodations helping spur further growth in the surrounding area,” said Alvandi, principal of City Urban Realty.

City Urban Realty, founded by Michael Alvandi in 2010, is a diversified real estate investment company involved in the investment, ownership and management of commercial and multifamily properties.

Tags: Brokerage

Reprint

Previous Story Next Story

Meridian Capital Group arranges 10-year retail lease for Mess at 236 West 10th St.

Manhattan, NY According to Meridian Capital Group, Jordan Langer, Noam Aziz and Carson Shahrabani of the firm’s retail leasing team have arranged a five-year lease at 236 West 10^thSt. in Greenwich Village

Houlihan Lawrence Commercial sells residential development site for $2.1 million

Houlihan Lawrence sells development site for $2.1m

GFP Real Estate signs Knit Illustrated to 4,051 s/f five-year lease at 247 West 37th St.

GFP R.E. signs Knit Illustrated to 4,051 s/f at 247 West 37th St.

The Feil Organization signs 15-year, 46,000 s/f renewal with Thompson Coburn LLP at 488 Madison Ave.

Feil signs 46,000 s/f renewal with Thompson Coburn at 488 Madison Ave.

Cushman & Wakefield arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma, LLP

C&W arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Owners Developers & Managers

Global Manufacturers choose the Carolinas as U.S. expansion accelerates; Vestian helps guide the shift back to American soil

Columns and Thought Leadership

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent