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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!