EIGHT BROOKLYN MULTIFAMILY PROPERTIES SELL FOR $78M

NEW YORK CITY — Massey Knakal has completed the sale of eight elevator-serviced buildings in Brooklyn in an all-cash transaction valued at $78 million or approximately $187 per square foot and $173,000 per unit. The properties total 416,352 square feet and 452 rent-stabilized units. The acquisition includes the 42,000-square-foot 357 Avenue P property (53 rental units), the 50,500-square-foot 79 Brighton 11th Street (59 units), the 117,600-square-foot 125 Brighton 11th Street building (112 units), and the 206,432-square-foot, 228-unit Manhattan Beach Estate, located at 200 and 210 Brighton 15th St. and 211, 1511 and 1521 Brightwater Ave. Alex Svetlakou and Bob Knakal of Massey Knakal brokered the transaction. The buyer and seller were not disclosed.