Brooklyn, NY Barcel Group has completed the sale of five buildings totaling $9.725 million. The properties are 657 Flushing Ave., 17-08 Madison St., 16-63 Madison St.,17-34 Menahan St. and 6610 Forest Ave. all located in the Ridgewood neighborhood.
16-63 Madison Street – Brooklyn, NY
657 Flushing Ave. is a 3-story walk-up building located in Williamsburg, the corner property consists of two residential apartments and two retail stores. The building was built in 1931 and is a total of 3,000 s/f. The property sold for $1.6 million. Marcel Fridman represented all parties in this off-market transaction.
17-08 Madison St. is a 3-story walk-up building, the property consists of 6 residential units. The building was built in 1931 and is a total of 5,600 s/f. The property sold for $1.7 million or $300 per s/f. Fridman and Andrea Lugo represented the purchaser in this off-market transaction.
16-63 Madison St. is a 3-story walk-up building consisting of 6 units. The building was built in 1931 and is a total of 5,600 s/f. The property was fully vacant at closing. The purchaser plans to fully gut rehab the building. The property was sold for $2.55 million or $455 per s/f. Fridman represented all parties in this off market transaction.
66-10 Forest Ave. is a 4-story walk-up building consisting of 4 units and 2 stores. The corner property was built in 1930 and is a total of 5,800 s/f. The property was fully vacant at closing and sold for $1.5 million or $258 per s/f. Fridman and Bart Zimmermann represented all parties in this off-market transaction.
17-34 Menahan St. is a 3-story walk-up building consisting of 5 units. The property was built in 1931 and was recently fully gut renovated. The property was fully occupied at closing and sold for $2.375 million or a 5% cap rate. Fridman represented all parties in this off-market transaction.