A multifamily property at 690-702 New Lots Avenue, located between Warwick and Jerome Streets in Brooklyn’s New Lots neighborhood, was sold in an all-cash transaction valued at $1,650,000.
The property contains four contiguous tax lots measuring approximately 120’ x 100’. They encompass six two-family units that combine for a total of approximately 12,096 square feet. Construction on the units was completed in 2008 and each unit contains an individual meter for gas and electric. The sale price equates to $136 per square foot.
The property resides in a residential zone (R5) and is located just two blocks from the number 3 subway line at the New Lots Avenue station.
“690-702 New Lots presented a terrific opportunity to own large, free-market, residential units with upside, as we continue to see prices increase in the East New York multifamily market,” said Cushman & Wakefield’s Edward Gevinski, who exclusively handled this transaction with Brock Emmetsberger.
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Neighborhoods: New Lots