A six-story apartment building with 63 units covering almost 49,000 square feet at 483 Ocean Parkway in the Kensington section of Brooklyn, N.Y., sold for $12.4 million.
Wednesday, September 26, 2007
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15 comments:
wow breaking news
a piace of real estate changed hands
call me crazy, but it looks like the first floor would be PERFECT for a little coffe shop with wifi, prepared gourmet food and poky sticks.
"Massey Knakal Realty Services represented the sellers in the all cash transaction to an institutional buyer in Manhattan. "
What is an "institutional buyer"?? does it mean it's going to turn into a nursing home or school. or.. ??
it looks from the records that the property is being turned co-op
SIX FLOORS AND 63 COFFEE SHOPS!!! MAYBE THEN WE CAN TALK ABOUT SOMETHING ELSE ON THIS BLOG!!!!
i think institutional buyer means that we'll be welcoming an insane asylum to the hood.
perhaps they'll serve coffee
crazy people, coffee and maybe little mini-muffins.
I am so there.
Institutional buyer just means it's a group of investors functioning as a business rather than a single investor. Also typically implies that it's a large group of investors rather than 3 friends who got together (think the Carlyle Group as opposed to you and your cousin pooling your money). Does not = 'institution' of any kind.
kensington still needs more crazy people.
The "Institutional Buyer" is a fund which pools investors funds to invest in this case in real estate. I understand they may own another building farther north on OP. I also heard the vacant space is for more professional (doctor). I would think that a building going for that much means someone thinks that the rental market in Kensington is going up.
Sixty-three units for $12.4 million. That equals an average purchase price of $197,000 per unit.
According to the blurb, the building offers 49,000 square feet of living space -- or an average size of 775 square feet per unit.
What does it all mean? Might this building become condos or co-ops?
Does anyone know anything about the rents in this building?
i like coffee. and this is just across the street from me! yay!
what kensington needs is definitely a neighborhood place. I am new to this neighborhood and certainly havent fully investigated it but where can someone go to just chill out and hang out in the ocean parkway ditmas/cortelyou area.
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483 Ocean Parkway was sold on August 30th for $12,400,000 in an all cash transaction. This number is unreal considering the buildings rent roll was $830K THATS LIKE 15 times rent roll. The broker on it was Jason Mayer from Massey Knakal....how do they get these numbers
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