Description

ERG Commercial Real Estate is pleased to announce the sale of a 6-unit multi-family building in Crown Heights, Brooklyn for $800,000.

The 7,308 SF three-story building at 1251 Lincoln Place is a fully rent stabilized building built in 1908.

It sold for a cap rate of 7.9%; $133,333 price per unit and $109 price per SF

ERG’s Ryan Lewis represented both the buyer, an active Crown heights investor who purchased this building to add to his portfolio and the seller, a local owner in the area.

“Due to the rising interest rates and issues surrounding rent stabilized buildings, we successfully executed a short sale to allow all parties to move forward during this tumultuous time,” said Lewis, who added that the property also has a tax abatement for another seven years.