Massey Knakal Realty Services has been retained on an exclusive basis to sell the Brooklyn Law School Portfolio, which consists of six multifamily properties located in the historic Brooklyn Heights neighborhood of New York City. The asking price is $41,150,000.
The six properties, located at 89 Hicks Street, 18 Sidney Place, 144 Willow Street, 100 Pierrepont Street, 27 Monroe Place, and 38 Monroe Place, feature a combined 110 residential apartments and approximately 56,342 gross square feet. The properties have been continuously acquired dating back to the 1980s and have been owner/occupied by Brooklyn Law School.
Brooklyn Law School has selected Massey Knakal's Stephen Palmese to sell a portfolio of multifamily properties in Brooklyn Heights “This decision was based on the Law School’s strategic plan to consolidate student housing and to consider new real estate opportunities,” said Brooklyn Law School President Joan G. Wexler.
The portfolio’s six properties are conveniently located within a half-mile radius of one another, providing an investor the rare opportunity to control a number of assets in one of the strongest residential markets in all of New York City.
“In 2012, Brooklyn's transactional volume rate was 1.8%, which translates into an average holding period for real estate of approximately 50 years. The opportunity to own 110 units, of which 90% are vacant, in Brooklyn's most desirable neighborhood, does not come around often,” said Stephen Palmese who is exclusively marketing this portfolio.
89 Hicks Street, located between Orange and Pineapple Streets, is a 6-story, 48-unit elevator building containing approximately 19,500 square feet on a 50’ x 100’ lot. 18 Sidney Place, located between Joralemon and State Streets, is a 7-story, 19-unit elevator building containing approximately 9,875 square feet on a 25’ x 100’ lot. 144 Willow Street, located between Pierrepont and Clarke Streets, is a 5-story, 10-unit walkup building containing approximately 7,500 square feet on a 25’ x 101’ lot. The three buildings will be delivered mostly vacant.
100 Pierrepont Street, located between Henry Street and Monroe Place, is a 5-story, 10-unit walkup building containing approximately 6,000 square feet on a 20’ x 100’ lot. 27 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 13-unit walkup building containing approximately 7,300 square feet on a 25’ x 100’ lot. 38 Monroe Place, located between Clarke and Pierrepont Streets, is a 5-story, 10-unit walkup building containing approximately 6,167 square feet on a 22’ x 100’ lot. The three buildings will be delivered entirely vacant.
Click here for listing details
Neighborhoods: Brooklyn Heights/ Agents: Stephen Palmese