The buildings, located at 313 South 4th Street between Rodney and Keap Streets, and 431 and 433 Wythe Avenue between 8th and 9th Streets, were sold at a combined cap rate of 5.7%, equating to 16.4 times the current monthly rent roll. 313 South 4th Street, a four-story walk-up spanning 6,000 sq. ft., houses 12 mixed-rate apartments. Meanwhile, 431 and 433 Wythe Avenue, totaling 8,800 sq. ft., comprise a pair of four-story buildings with 16 mixed-rate apartments and were constructed in 1920.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
Read MoreConnect CREDana Lowery of Edifice Management has acquired a multifamily portfolio in Williamsburg, comprising three multifamily buildings, from Gil Boosidan for $8.95 million. The buildings, located at 313 South 4th Street between Rodney and Keap Streets, and 431 and 433 Wythe Avenue between 8th and 9th Streets, were sold at a combined cap rate of …
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