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A blog for breaking sales and neighborhood real estate news.

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.

Click here for press release

Neighborhoods: New Lots