East Flatbush Apartment Building Sells for $3.8M
Jennifer Henderson July 31, 2014, 12:31 p.m.
A 31-unit apartment building at 536 East 96th Street between Linden Boulevard and Church Avenue in East Flatbush, Brooklyn has sold for $3.8 million, according to a release from Marcus & Millichap.
The sale of the fully occupied building closed July 23, according to Derek Bestreich of Marcus & Millichap. Both parties in the deal were private investors.
Mr. Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office, led by regional manager John Horowitz, represented the seller and the buyer.
“This 31-unit apartment building was the final property in a four-building portfolio that was sold between December 2013 and July 2014,” Mr. Bestreich said in a prepared statement. “The four
properties were located in Lefferts Gardens, Crown Heights and East Flatbush.”
The other three properties in the portfolio include include 215 Sterling Street, along with 1231 Lincoln Place and 1382 St. John’s Place located within a block of each other, according to Mr. Bestreich. One private investor purchased the Sterling Street building, while another bought the two neighboring buildings.
Retirement was the reason for the portfolio owner’s sale of the four buildings, he noted. The new owner of 536 East 96th Street plans to hold the East Flatbush building as a rental property, and sees potential for improvement in the area’s rental market.