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A blog for breaking sales and neighborhood real estate news.

A mixed-use building at 138 Union Street, located between Columbia and Hicks Streets in Brooklyn’s Columbia Waterfront District, was sold in an all cash transaction valued at $1,750,000.

The four-story property is approximately 5,780 square feet and sits on a 25’ x 100’ lot.  The property is comprised of six residential units, a vacant retail store, and an office which has direct access to the backyard. Of the six apartments, three are rent stabilized and three are free market. The property is located within walking distance to Brooklyn Bridge Park and the Carroll Street F subway line. The sale price equates to approximately $302 per square foot and a 6.68% Cap Rate.

“Almost 50% of the landlords on this block are owner occupants. The seller operated his business out of this building and the buyer will put his business in here, too. The twofold benefit from owning in the Columbia Waterfront District is that these commercial users are continuing to see strong demand for their residential units,” said Massey Knakal Director of Sales Stephen Palmese who exclusively handled this transaction with Senior Vice President of Sales Ken Freeman.

Click here for press release

Neighborhoods: Columbia Street Waterfront District/ Agents: Stephen Palmese