The Eastern Parkway Multifamily Portfolio, five properties located at 1613, 1617, 1621, 1625, and 1631 Eastern Parkway between Saratoga Avenue and Thomas S. Boyland Street in Brooklyn’s Ocean Hill neighborhood, was sold in an all-cash transaction valued at $9,650,000.
The portfolio includes five walk-up properties consisting of four multifamily buildings and one mixed-use building all located on a single block. They hold approximately 309 feet of total frontage, with 235 feet on Eastern Parkway and an additional 74 feet on Thomas S. Boyland Street. The buildings combine for approximately 73,450 square feet, featuring 60 residential units and one commercial unit. The residential units consist of two studios, 32 one-bedroom, 23 two-bedroom, and three, three-bedroom apartments. The sale price equates to approximately $131 per square foot.
This portfolio boasts tremendous upside in the emerging Ocean Hill market. The buildings are centrally located near a number of transportation options, including the 3, 4, A, and C subway lines in close proximity and the B7 bus stop conveniently one block away.
“This stretch of Brooklyn has traditionally been viewed as a tertiary market. However, while Brooklyn’s demand continues to spread, investors are identifying areas of opportunity throughout the borough,” said Massey Knakal’s Stephen P. Palmese, who exclusively handled this transaction with Chairman Bob Knakal and Edward Gevinski.
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Neighborhoods: Ocean Hill/ Agents: Stephen Palmese