The Reel

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A blog for breaking sales and neighborhood real estate news.

A six-family building at 84 Newel Street, located between Norman and Nassau Avenues in Brooklyn’s Greenpoint neighborhood, was sold in an all cash transaction valued at $975,000.

The three-story building is approximately 4,950 square feet and sits on a 25’ x 100’ lot.  The building consists of six railroad apartments. The building is located less than five blocks from the Nassau Avenue G train station. The sale price equates to approximately $196 per square foot.

“This property was unusual in that there were two vacancies with a third unit to be vacated a few months later. This would allow a buyer to renovate and maximize the rents. There was considerable interest in the building which ultimately drove a final round of bidders well above the asking price,” said Massey Knakal Vice President of Sales Mark Lively who exclusively represented the seller in this transaction with Director of Sales Brendan Maddigan.

Click here for press release

Neighborhoods: Greenpoint/ Agents: Mark Lively