Brooklyn, NY The Barcel Group has brokered the sale of 1114 Nostrand Ave. located in the Crown Heights section. The building, which consists of 28 residential units and five stores, sold for $2.85 million.
1114 Nostrand Avenue, Crown Heights - Brooklyn, NY
The building is in great condition with rents averaging $800 per apartment. The location is close to public transportation.
Marcel Fridman and Bart Zimmermann, co-founders of the Barcel Group, represented both buyer and seller. Fridman said, "Park Slope and Williamsburg rental prices are still pushing renters in search of affordable apartments, to nearby parts of the borough. This area has recently been showing an increase in rents which such buildings can command. The buyer quickly realized the opportunity for a steady income, as well as future upside."