The Reel

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A blog for breaking sales and neighborhood real estate news.

A multifamily building at 83 Clifton Place, located between Classon and Grand Avenues, in Brooklyn’s Clinton Hill neighborhood, was sold in an all cash transaction valued at $11,250,000.  The sale price equates to approximately $193 per square foot.   

The six-story property is approximately 58,191 square feet and sits on a 206’ x 100’ lot.  In 1999, the building was converted from a factory to a 40-unit, affordable housing multifamily building.  

“Onerous regulatory agreements associated with the property made this a complicated transaction and created a buyer pool of specific clientele.  While the building faces an immediate substantial tax burden as the J-51 expires in a few years, the end result for the investor will be the opportunity to convert to condominiums,” said Massey Knakal Director of Sales Stephen Palmese who exclusively represented the seller in this transaction.

Click here for press release

Neighborhoods: Clinton Hill/ Agents: Stephen Palmese