Barberry Rose, a prominent real estate company, recently completed the sale of three adjacent four-story buildings in Crown Heights on Eastern Parkway. The properties, located at 1193, 1199 and 1205 Eastern Parkway along with the corner at Rochester Avenue were sold for a total of $5 million to Gilman Management.
These historic buildings dating back to 1912 offer a combined space of over 53,000 square feet. With an attractive cap rate of 9%, price per square foot at $92.75 and unit price averaging $102,040; this deal has yielded an impressive Gross Rent Multiplier (GRM) of only 5.95.
The transaction was facilitated by renowned representatives from Rosewood Realty Group – Ben Khakshoor,Alex Fuchs and Aaron Jungreis who represented both parties involved in this successful deal.
