Cushman & Wakefield handles $27.5 million Brooklyn portfolio sale
Brooklyn, NY Cushman & Wakefield has sold a portfolio in the borough for a combined $27.5 million. Former ownership listed the estate of four buildings earlier this year and recently sold the last building in the collection. The properties are located at 975 Washington Ave., 762 East 3rd St., 1812 East 18th St., and 5614 3rd Ave.
1812 East 18th Street - Brooklyn, NYOn behalf of the sellers, a Cushman & Wakefield team led by Robert Burton and Keegan Mehlhorn brokered the all-cash transactions with neighborhood experts DJ Johnston, Jeffrey Shalom and Alex Svetlakou. Joanne Seminara of Grimaldi & Yeung LLP served as the legal representation.
“We handled this particular deal more carefully as it was an estate sale with many moving parts. There were multiple beneficiaries for each property, but not all the same,” said Burton.
975 Washington Ave. is a 36,732 s/f, walk-up multifamily building in Crown Heights. It consists of 44 residential units divided into ten one-bedroom, 20 two-bedroom and 14 three-bedroom units. The final sale price of $10.55 million equates to a 4.18% cap rate.
762 East 3rd St. is a 32,000 s/f corner walk-up multifamily building in Kensington. The four-story building consists of 42 residential units and features a spacious basement level. The final sale price of $8.5 million equates to a 4.25% cap rate.
1812 East 18th St. is a 29,500 s/f, walk-up multifamily building on the cusp of Gravesend and Homecrest. The property is comprised of 34 residential units. The final sale price of $7.6 million equates to a 4.07% cap rate.
5614 3rd Ave. is a one-story industrial warehouse in Sunset Park. The property spans 2,133 s/f and offers an additional 2,136 s/f of air rights. The final sale price of $850,000 equates to nearly $400 per s/f.
“By strategically capitalizing on the deep knowledge of our Brooklyn-focused colleagues, we were able to secure the best-fitting buyer for each property,” said Mehlhorn.