A multifamily building at 137 Nelson Street, located between Clinton and Court Streets in Brooklyn’s Carroll Gardens neighborhood, was sold in an all cash transaction valued at $595,750.
The four-story building is approximately 4,800 square feet and sits on a 20’ x 60’ lot. There are seven apartments, three of which are vacant. The building was a distressed multiple dwelling under the New York City's Alternative Enforcement Program, requiring significant remediation of outstanding code violations. It is ideally located within close proximity to the F and G trains at the Smith - 9th Street station. The sale price equates to $125 per square foot.
“Massey Knakal was able to target purchasers with the knowledge and capacity for handling properties requiring renovation under the Alternative Enforcement Program,” said Massey Knakal Senior Vice President of Sales Ken Freeman who exclusively handled this transaction with Massey Knakal CEO Paul J. Massey Jr. “This transaction will bring fresh capital investment to the rental building, helping to stabilize the long-term value of this property,” added Freeman.
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Neighborhoods: Carroll Gardens