Connect Media | March 2, 2018
A local investor paid $1.4 million for a two-story building with five large apartments and 850-square-feet of retail space, in the Midwood neighborhood of Brooklyn, just a subway stop or two away from the development boom now expanding in neighborhoods like Lefferts Gardens and Flatbush.
That works out to a price of roughly $233K per unit, including the retail unit. The apartments have no restrictions on their rents.
“The buyer recognized the tremendous value in this asset, particularly as it pertains to the future upside in the residential rents and the untapped potential of the prime retail space,” said Eli Shilian of GFI Realty Services, who with Yisroel Pershin represented the seller in the transaction. Shilian also represented the buyer.
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