January 5th, 2016, by Front Section
957 Utica Avenue – Brooklyn, NY
Greg Corbin, Besen & Associates
Brooklyn, NY Besen & Associates arranged the sale of 957 Utica Ave.in the East Flatbush neighborhood of the borough for $5.165 million. Greg Corbin, Miguel Jauregui and former Besen broker Jacob Aronov exclusively represented the seller and also procured the buyer. Greg Corbin, Besen & Associates Greg Corbin, Besen & Associates“The property was purchased by a private investor with vision,” said Corbin. “East Flatbush today is not a glamorous location but since the trend is moving south, from Williamsburg, to Bed-Stuy, to Crown Heights, this is the next area to experience rent growth.” The subject property is a three-story, mixed-use building consisting of 18 apartments, five stores and a gated parking lot for 26 individual parking spaces in the rear of the building. The property was built in 2007 by the seller on a 125’ x 100’ lot and is 24,400 gross s/f. There is a 421-A tax exemption in place, which expires on June 2023. The property has 6,000 s/f of retail, leased to local tenants with rents averaging $27 per s/f. Average in-place rent per unit per month is $1,300. Layouts for the building include studios, one-bedroom, two-bedrooms and three-bedrooms. This adds to a string of deals closed over the past few weeks by The Corbin Group, including 71 Clinton Street on Manhattan’s Lower East Side which sold for $16,050,000and 1792 Amsterdam in the Hamilton Heights section of Manhattan which sold for $3,262,500. Mr. Corbin, Besen’s 2015 Dealmaker of The Year, commented that the pricing achieved on these properties is indicative of the red hot New York City market which set an all-time record in 2015 of approximately $75 billion in aggregate sales.