Bushwick Apartments Trade with Half Free Market and Half Rent Stabilized Units
TerraCRG has closed on the $1,280,000 sale of a nearly 5,000-square-foot multifamily property at 232 Stanhope St. in Brooklyn’s Bushwick neighborhood. Partner Matt Cosentino represented the seller on this deal, which represents a sale price of approximately $263 per square foot.
The property includes six fully occupied units. Three are free market, fully renovated apartments and the remaining three are rent-stabilized. The three-story building has an in-place annual gross income of approximately $124,000.
“Properties, like this one, that have free-market units with immediate and long-term rental upside will continue to be attractive as a hedge against inflation,” said Cosentino.
The building is convenient to both the Dekalb L train and Knickerbocker Avenue M train stations, Wyckoff Heights Hospital, Maria Hernandez Park and numerous retail options.
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).
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