On the Market
A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”
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.