Alpha Realty has been retained to arrange the sale of 265 South 2nd St., a residential property in the Williamsburg neighborhood of Brooklyn. The firm’s Lev Mavashev and his team are spearheading the assignment.
Built in 1914, the six-story building totals 35 units and 24,200 square feet. The asking price of $17,000,000 represents a cap rate of 5.3%.
All 35 apartments were fully gut-renovated in 2015 and upgraded with building amenities. They include a laundry room, a virtual doorman and a rooftop deck.
This asset is 100% free-market, and presents significant long-term upside potential due to below market rents. Located a short walk from both the Marcy Avenue and Metropolitan Avenue subway stations, it provides easy access to the J, M, C and G trains.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).