East New York Multifamily Portfolio Hits the Market Asking $11.9M
Gus Delaporte Feb. 25, 2014, 7:30 a.m.
A four-building multifamily portfolio in the Cypress Hills section of East New York is being marketed for sale by Eastern Consolidated, Commercial Observer has learned. The asking price for the properties is $11.9 million.
The portfolio’s properties are located within a five-block radius at 2742, 2772, 2776 Pitkin Avenue and 964 Belmont Avenue. The average rent for the fully-occupied, rent-regulated buildings is $976.75 per month.
“This is an opportunity to acquire 100-plus units with regulated rents,” said Lipa Lieberman, senior director at Eastern Consolidated, who is representing the seller, Git Leb LLC. “You’re getting a real return on your money with stabilized cash flow and real upside.”
The seller has brought the portfolio to market in order to help finance development projects in Brooklyn and Manhattan, according to Mr. Lieberman, who declined to elaborate.
Cypress Hills sits on the Brooklyn-Queens border and neighbors the Bushwick, Woodhaven and Ozone Park communities. The area is increasingly generating interest from institutional buyers who are finding difficulty hitting yields in Manhattan and more popular parts of Brooklyn, Mr. Lieberman noted.
“We’ve seen a lot of buyers who usually buy in trendier, more upscale neighborhoods in Queens moving toward Ridgewood and Cypress Hills,” he said. “We feel there is upside there.”