
Bed-Stuy Apartments Trade for $5M
Rosewood Realty completed the sale of a 38-unit apartment building in Brooklyn’s Bedford-Stuyvesant neighborhood for $5.25 million. It sold for a cap rate of 5.68% and $131,578 price per unit, at 7.5 times the current rent roll.
The building, at 575 Herkimer St. between Schenectady and Troy avenues, is a seven-story elevator building with five parking spaces, a laundry room and three antennas. The 35,000-square-foot building was built in 1965.
Rosewood’s Ben Khakshoor represented the buyer, Gilman Management, while Rosewood’s Aaron Jungreis represented the seller, a private family.
According to Rosewood, the buyer sold the three cellular antennas on the roof ,greatly reducing the amount of capital needed to purchase the property. David Setton of Cellside Partners assisted with the sale of the antennas on behalf of the buyer.