Mendel Gold has recently acquired four three-story walk-up buildings in the highly sought-after neighborhood of Williamsburg, Brooklyn. The properties were purchased from a private family for $10.75 million and sold at a 7% cap rate, with a GRM of 11.2 and an average price of $605 per square foot.
The buyer and seller were represented by Rosewood’s experienced team consisting of Ben Khakshoor, Alex Fuchs, Aaron Jungreis, and Eli Shayestehpour.
One notable property included in this transaction is located at 461 Lorimer Street which was originally constructed in 1920. This building offers five free-market apartments spanning over 4,875 square feet with an additional potential for development using its available air rights totaling to approximately 2,625 square feet.
Another noteworthy property is situated at110 South Second Street which was built in the year1910. This building boasts four free-market apartments within its structure measuring approximately4 ,180square feet.
Additionally,Mendel Gold also acquired two other properties -384 South Second Street (built-in1920)and211 Johnson Avenue (built-in1920). Both these buildings offer attractive features such as commercial spaces along with multiple free market apartments making them valuable investments for Mendel Gold.The total area covered by these two structures are respectively2 ,400squarefeetand5 ,692squarefeetwith added potential for development using their available air rights totaling to around667 squarefeet each.
In summary,Four mixed-use buildings have been successfully soldin Williamsburgfor$11million.This deal marks another successful acquisition by MendelGoldinthe ever-growing real estate marketofBrooklyn.Withits prime location,favorable cap rate,and promising future developments,the purchaseofthesepropertieswill surely prove beneficialfor both parties involved.This transaction serves as yet another testamenttothe expertiseand professionalism displayedbyRosewood’steam,in securingthe best deals for their clients.
