The Reel

Follow us:

A blog for breaking sales and neighborhood real estate news.

The Duke Properties Brooklyn Portfolio, consisting of four multifamily and one mixed-use building in Brooklyn, was sold in an all-cash transaction valued at $16,700,000. 

The five brick and limestone walkup buildings are located at 29 Brooklyn Avenue, 137 MacDonough Street, and 235 Malcolm X Boulevard in Bedford-Stuyvesant, 1509 Pacific Avenue in Crown Heights and 300 Palmetto Street in Bushwick.  The buildings total approximately 43,750 square feet across 49 apartments and two stores – 8 of the residential units were delivered renovated and 29 others are to be vacant.  The sales price equates to approximately $382 per square foot, or $327,000 per unit.

“The scale provided by packaging these properties together, along with the dynamic location of the portfolio, attracted substantial institutional interest,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.  “The purchaser has plans to reposition vacant units with quality finishes to match growing neighborhood demand,” Amirkhanian continued.

Click here for press release

Neighborhoods: Bushwick, Bedford Stuyvesant, Crown Heights