The Reel

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A blog for breaking sales and neighborhood real estate news.

Two investment buildings at 531 Graham Avenue and 106 Engert Avenue, located on the southwest corner of Graham and Engert Avenues in Brooklyn’s Greenpoint neighborhood, was sold in an all cash transaction valued at $1,750,000.

The two frame buildings are situated on one tax lot that is approximately 3,572 square feet. 531 Graham Avenue is a three-story, mixed-use building with four apartments and one commercial unit. 106 Engert Avenue is also three-stories and consists of three apartments. The buildings are ideally located near McCarren Park, less than four blocks from the Nassau Avenue G train station and a short distance to the Bedford Avenue L train station. The sale price equates to $197 per square foot.

“There were over 20 offers on these buildings and the competition drove the price to a high level with excellent terms,” said Massey Knakal Director of Sales Mark Lively who exclusively handled this transaction with Director of Sales Brendan Maddigan. “The property was delivered vacant so each purchaser had to be qualified to ensure they were capable of closing without financing,” added Maddigan.

Click here for press release

Neighborhoods: Greenpoint/ Agents: Mark Lively