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Alpha Realty Markets Portfolio Under Protected Tax Class
Alpha Realty’s Lev Mavashev has been retained to negotiate the sale of an eight-building package located mostly throughout Bed-Stuy and Crown Heights in Brooklyn. Priced at $20 million, the portfolio includes 54 units and is under protected tax class 2B, which limits the tax increase the city can assess on the properties.
The package includes 585 Franklin Ave in Crown Heights. 704 Mac Donough St., 877 Park Ave. and 981 Greene Ave. in Bed-Stuy; 2015 Bedford Ave. and 140 Martense St. in Flatbush; 760 Evergreen Ave. in Bushwick; and 32-19 Greenpoint Ave. in Long Island City.
“There is a lot of demand for this package right now,” said Mavashev. “These are tax class 2B buildings with significant free-market units at rents 28% below pre COVID levels. This portfolio is great for value-add buyers as they will have the ability to raise rents while hedging their downside from increasing taxes.”
- ◦Sale/Acquisition

