Cushman & Wakefield Sells Rent-Stabilized Multifamily Portfolio in Clinton Hill
- May 13, 2015
By Veronica Grecu, Associate Editor
A portfolio of four contiguous multifamily assets in the Clinton Hill neighborhood of Brooklyn was recently sold to EastCoast MIG. The buyer paid $38 million (or $364 per square foot) for the apartment buildings. The seller was identified by the Commercial Observer as Bernard Miller of Parkway Realty Associates, listed in property records as Washington Flats LLC.
The Washington Flats buildings are located two blocks from the C train at Washington Ave. and three blocks from the A express train at Franklin Ave., and within walking distance from Barclays Center and the Atlantic Terminal shopping center.
According to Cushman & Wakefield, the four buildings combine for 104,365 square feet and 129 residential apartments—of which four are market rate, three are rent controlled, and 121 are rent stabilized units. More than half of the rent stabilized units operate under HPD’s Home Program, which provides housing for low income tenants.
Earlier this year Curbed put together a report based on market data provided by real estate Zumper.com and mapped the cheapest and priciest places to rent in New York City. As it turned out, Clinton Hill renters pay on average $2,450 per month for a one-bedroom apartment.
“This sale is indicative of the surge in demand and rapid absorption of residential units in the Clinton Hill market,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively represented both the buyer and the seller in the transaction. “With an abundance of new retail and upwards of 8,000 new residential units coming to market in this once undervalued portion of Clinton Hill, appetite for assets such as the Washington Flats Portfolio has surged,” he added.
The buildings are located at 425 and 435 Grand Ave., 29 Putnam Ave., and 90 Downing St. with retail frontage on Grand Ave., Putnam Ave.
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Image via Cushman & Wakefield