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.
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).