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A blog for breaking sales and neighborhood real estate news.

A multifamily apartment building at 40 Cumberland Street, located between Flushing and Park Avenues in Brooklyn’s Fort Greene neighborhood, was sold in an all-cash transaction valued at $2,200,000.

The four-story, walk-up building is approximately 8,268 square feet and sits on a 25’ x 100’ lot.  The building comprises 12 units.  Nine of the units contain two-bedroom units and two units contain one-bedroom units. There is one three-bedroom unit on the ground floor which has rear yard access. Over the past 12 months, 10 of the 12 units have been fully renovated.  The sale price equates to approximately $266 per square foot.

The building is located one block north of the active retail strip on Myrtle Avenue and two blocks north of Fort Greene Park.  Long Island University, Pratt Institute, and Brooklyn Hospital are also located in the neighborhood.

“The newly renovated walk-up was purchased by an investor with a 1031 exchange.  It’s a great property in a growing neighborhood,” said Massey Knakal Director of Sales Stephen Palmese, who exclusively handled this transaction with Director of Sales Mike Amirkhanian.

Click here for press release

Neighborhoods: Fort Greene/ Agents: Stephen Palmese