The Reel

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A blog for breaking sales and neighborhood real estate news.

An elevator-serviced multifamily building at 100 Luquer Street, located between Hamilton Avenue and Clinton Streets in Brooklyn’s Carroll Gardens neighborhood, was sold in an all-cash transaction valued at $21,100,000.  The sellers of the property were Aaron Drazin and Bruno Caruso of Montreal based Crest Realties.  

Newly constructed in 2011 and originally built as a condominium, 100 Luquer Street features high-end finishes including floor-to-ceiling windows, direct elevator access into the units’ living rooms, private outdoor spaces, on-premise parking, storage locker space, fully equipped gym, and a private and shared roof deck providing breathtaking unobstructed views of Downtown Manhattan.  The building encompasses approximately 22,280 net square feet over 20 residential units. The sale price equates to approximately $947 per square foot or $1,055,000 per unit. The building benefits from a 421-a tax exemption which begins to phase out in four years. The property was fully leased at the time of sale and sold at approximately 4% capitalization rate on the unabated taxes.  

“This purchase is indicative of investors’ strong appetite for Brooklyn multifamily product in solidified residential communities,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction with Robert M. Shapiro and Winfield Clifford.

Click here for press release

Neighborhoods: Carroll Gardens/ Agents: Robert Shapiro, Stephen Palmese, Winfield Clifford