An apartment building at 287 19th Street, located between Fifth and Sixth Avenues in Brooklyn’s Greenwood Heights, was sold in an all-cash transaction valued at $2,000,000.
The brick three-story walkup building contains approximately 2,902 square feet and sits on a 19.75’ x 100.17’ lot. It consists of five residential units, one two-bedroom unit with private garden and four one-bedroom units. Recent capital improvements include new sidewalk, renovated entrance hall, and full renovation to the two-bedroom unit with steps to the landscaped private garden. The sale price equates to approximately $689 per square foot, a 3.54% cap rate, and 21.06x gross rent.
The property is conveniently located six blocks from the Prospect Avenue R train station and two blocks from several bus routes. Additionally, it is in close proximity to the BQE and Prospect Expressway providing access throughout Brooklyn and to Manhattan.
“The final sales price of $2 million, ultimately 7.5% above the asking price, exceeded our expectations and our client was thrilled with the result. The property sold for approximately $689 per square foot, a record for South Slope / Greenwood Heights,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction with Robert DiBiase.
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Neighborhoods: South Slope