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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.
- ◦Sale/Acquisition

