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Westbridge Realty Closes Over $11.4 Million in Bronx/Brooklyn Sales

1081 Teller Ave

Westbridge Realty Group, a full-service real estate investment sales and advisory firm based in New York City, announced several recent transactions in Brooklyn and the Bronx totaling $11.45 million in sales that include these and others buildings and development sites:

The $3.05 million sale of 1122-1126 Lafayette Avenue in Bushwick, Brooklyn to a buyer that plans to building a condominium on the development site that features 13,200 buildable square feet of development potential. The 60 x 100 feet site is located between Bushwick Avenue and Broadway. It sold for $231 per buildable square feet.

Westbridge’s Hen Vaknin represented the seller, Jackson Mak, a Brooklyn based developer and the buyer, Infinity Properties, a Brooklyn-based condominium developer.   “This transaction is a testament to the thriving condo market in Bushwick and the strength of Bushwick as a destination in its own right,” added Vaknin who has closed 15 sales in Bushwick in the past 24 months. This building is located three blocks from the subway station.

The $2.9 million sale of 411 Grand Avenue, a nine-unit, four-story apartment building located in the heart of Clinton Hill, Brooklyn between Gates and Putnam Avenues.  The building was fully occupied at closing. It sold for $408 per square foot and $322,000 per unit. Westbridge’s Hen Vaknin represented both the buyer, Adam Cohen of The Stuyvesant Group, and the seller, a Brooklyn-based investor, 411 Grand Ave LLC.

The $1.3 million sale of 1081 Teller Avenue, an eight-unit multifamily building spanning 7,692 square feet in the Williamsbridge section of the Bronx.  The building was fully occupied at closing.  It sold for $169 per square foot at $162,500 per unit and for 11.4 times the current rent roll. Westbridge’s  Steven Westreich represented the buyer 1081 TELLER AVE NY LLC, and the seller, Joe Gans.  Westreich also sold the building around the corner earlier this year, 1125 Findlay Avenue, an 11-unit building.

The $875,000 sale of 3836 Carpenter Avenue, a R6A zoned, 50 x 105 feet development site located in the Williamsbridge section of the Bronx, that sold for $55 per buildable square feet.  The lot, which will require demolition of an existing two-story single family home, has development potential of 15,750 buildable square feet. The site is within convenient walking distance to subways and is accessible to the Bronx River Parkway. Westbridge’s Steven Westreich and Isaac Shrem represented the buyer and NY Standard Realty represented the seller.

 

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