ERG Commercial Real Estate announced the sale of a six-unit multifamily building in Crown Heights, Brooklyn for $800,000.
The 7,308 sq. ft. three-story building at 1251 Lincoln Place is a fully rent stabilized building built in 1908. It sold for a cap rate of 7.9%; $133,333 price per unit and $109 price per sq. ft.
ERG’s Ryan Lewis represented both the buyer, an active Crown Heights investor who purchased this building to add to his portfolio and the seller, a local owner in the area.
“Due to the rising interest rates and issues surrounding rent stabilized buildings, we successfully executed a short sale to allow all parties to move forward during this tumultuous time,” said Lewis, who added that the property also has a tax abatement for another seven years.
