January 17th, 2023, by Front Section
New York, NY Rosewood Realty Group sold a five-unit residential building in East Williamsburg for $2.2 million. The 4,125 s/f building, at 985 Metropolitan Ave., sold for a cap rate of 5%, at 16.46 times the monthly rent roll or $440,000 per unit. The property was built in 1920.
Rosewood Realty brokers Chaya Milworn and Mike Kerwin represented the buyer, Mark Guindi of GD Capital Group and Sarah Sawyer of Compass represented the seller, G & G Ventures LLC.
“The buyer plans to start a full renovation as soon as possible to take advantage of the building’s burgeoning location next to parks and nightlife,” said Kerwin.