Brooklyn, NY Alpha Realty has completed the $5 million sale of 1308 and 1314 Eastern Pwy. in the Crown Heights neighborhood. Alpha managing director, Jacob Aronov represented the buyer Witnick Real Estate Partners, while managing partner Lev Mavashev represented the selling party, Up Realty.
The two contiguous four story walk-ups totaling 17 units and 18,000 s/f are located between Ralph Ave. and Portal St. With all the upgrades the seller made to the majority of the units the two buildings impressed the buyer immediately. Not to mention, the asset is steps away from the gentrifying Lincoln Terrace Park which will sure continue to add value to this area.
Aronov said, “The buyers wanted a very clean asset with stable returns to mix into their investment portfolio. The up and coming neighborhood, renovated apartments, and no vacancies made their $274 per s/f purchase a no-brainer.”
“Up Realty decided that it was the right time to sell as they are concentrating on bigger assets while repositioning their portfolio, and this transaction required a quick and easy deal which it was, thanks to buyer and seller,” said Mavashev.