An apartment building at 85-93 Humboldt Street, located on the corner of Humboldt and Seigel Streets in Brooklyn’s East Williamsburg neighborhood, was sold in an all-cash transaction valued at $12,000,000.
The four-story walkup building contains approximately 34,902 square feet and sits on a 99.42’ x 100.00’ lot. It consists of a ground floor retail space with 18 residential units above, of which nine are three-bedroom and nine are four-bedroom units. The apartments were gut-renovated in 2010 and have individual sub-metered forced air HVAC systems, washer/dryer hookups and dishwashers. The property was recently approved for a 14 year J-51 tax exemption. The sale price equates to an approximately 5.59% capitalization rate.
The property is conveniently located five blocks from the Montrose Avenue L train station as well as the Flushing Avenue J and M train station, providing quick access to Manhattan and throughout Brooklyn.
“This is a turn-key investment property in a popular, emerging area,” said Massey Knakal’s Mark L. Lively, who exclusively handled this transaction with Brendan T. Maddigan. “We received substantial interest, which is reflected in the strong pricing we attained,” added Maddigan.
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Neighborhoods: Williamsburg/ Agents: Mark Lively