Rosewood Realty Group announced the portfolio sale of four, three-story walk-up buildings in Williamsburg, Brooklyn for $10.75 million.
The buildings include: 461 Lorimer Street between Grand and Maujer Street which features five free market apartments. The 4,875 sq. ft. building also includes 2,625 sq. feet of air rights. The building was built in 1920;
110 South Second Street between Berry Street and Bedford Avenue which features four free market apartments. The 4,180 sq. ft. building was built in 1910; 384 South 2nd Street between Union Avenue and Hooper Street, which feature two free market apartments and one commercial space. The 2,400 sq. ft. building also includes 667 sq. ft. of air rights. The building was built in 1920; 211 Johnson Avenue which features six free market apartments and one commercial space. The 5,692 sq. ft. building also includes 667 sq. ft. of air rights. The building was built in 1920.
Together the buildings sold for a cap rate of 7% and a GRM of 11.2 and $605 per sq. ft.
“The buyer was able to purchase a portfolio of prime renovated free market buildings in Williamsburg for a strong cap rate,” said Rosewood’s Ben Khakshoor, who along with Alex Fuchs, Aaron Jungreis and Eli Shayestehpour represented the buyer, Mendel Gold and the seller, a private family.
