On the Market

South Brooklyn Beachfront Portfolio Hits the Market for $124 M.

A member of the Coney Island Polar Bear Club celebrates (Credit: Monika Graff, Getty Images)

It’s no tropical paradise, but it’s indisputable that South Brooklyn’s beachfront community has plenty of character — and loads of upside, exemplified by a nine-building portfolio that just hit the market for $124 million.

The buildings, along a three-mile stretch of the Brighton Beach, Sheepshead Bay, and Gravesend neighborhoods, house a total of 652 rent-stabilized units and roughly 580,000 square feet.

“It isn’t often that a product with 652 units comes online… and the rents are currently below market so there is an upside,” said Massey Knakal’s Jeffrey Shalom, who is exclusively marketing the property with Brian Hanson and Robert Knakal, adding that the owner is keen on selling the buildings as a single portfolio. Read More