2217 Caton Ave, commercial condo, sells for $14m
http://therealdeal.com/blog/2015/06/23/heres-what-the-10m-20m-nyc-investment-sales-market-looked-like-last-week-27/
"Jonathan Joels’ Portman Property Group purchased a commercial unit at the BeCa Condos in Flatbush for $14.2 million. The 8,700-square foot commercial condo and garage is part of the eight-story building at 2217 Caton Avenue. Gibralt Capital Corporation is the seller. - "
The ground floor is currently a day care center. The unit has a ground floor entrance on Caton and a loading dock and second entrance on Bedford, next door to a large lot, recently razed for another condo building.
I'm not well-versed in these types of things. Can anyone speculate on what a price like this means for the future plans of the new owners? Does this indicate a big rent increase, or a high profile tenant, in place or hoped for?
Comments
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If it is in fact 8700 sq ft, that's $1632 per sq ft, which sounds absurd in a neighborhood where condos are $500-600 sq ft and houses are $200-300 sq ft. Perhaps 8700 doesn't include the garage?
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Ahah, I answered my own question! The building was built as condos but is actually rentals, and this group bought the entire thing, 24,000 sq ft. Makes much more sense!
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Costar.com agrees with you, The Real Deal seems to have gotten it wrong:
"The Portman Property Group acquired the 29-unit multifamily building at 2217 Caton Ave. in Brooklyn, NY from Second City Capital Partners for $ 14.23 million, or about $491,000 per unit.
The nine-story, 24,447-square-foot apartment building delivered in 2009 in the Flatbush submarket of Kings County.
Robert Rizzi, Jeffrey Julien, Rob Hinckley, and Steven Rutman with HFF represented the seller.
Please see CoStar COMPS #3322072 for more information on this transaction."
http://www.costar.com/News/Article/Second-City-Capital-Sells-Brooklyn-Multifamily-for-$142M/172924
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