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.
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Neighborhoods: Bushwick, Bedford Stuyvesant, Crown Heights