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Alpha Realty Closes $24M Crown Heights Sale
Alpha Realty arranged the sale of 792 Sterling Pl. in the Crown Heights section of Brooklyn, which traded at $24,000,000 in an off-market transaction. Managing Principal Lev Mavashev represented both parties .
This is the first sale of the building since the site was acquired for $4.7 million in 2007 and the property was built in 2009. The 61,565-square-foot, 85-unit rental apartment property traded at $390 per square foot and a 6.4% cap rate, at more than 13.4 times the rent roll.
Mavashev said, “The building is at a great location with very strong local demand for rental units. The buyer was seeking a sizable multifamily property that is of newer construction in the area, and this deal fit his investment criteria to a T. From the seller’s perspective, the purchase price satisfied their target return, and they were delighted to transact, especially in such a rising interest-rate environment.”
- ◦Sale/Acquisition
