Completed Homes
118 State Street, Brooklyn, NY
We transformed this owner-occupied six-family property into a four-unit condominium after acquiring it, vacant, on February 2, 2005 for $4,250,000, or $497 per square foot. The acquisition was executed as part of a 1031 Like Kind Exchange with proceeds from a previously owned commercial asset.
The property measures approximately 25 by 70 feet on 4.5 floors, or 8,550 square feet and the building lot measures 25 by 100 feet. The building is located in the Brooklyn Heights historic district, and was converted from manufacturing to residential use by the previous owner around 1978.
24 Remsen Street, Brooklyn, NY
We acquired this multi-family residential cooperative property on March 4, 2005 for $4,425,000, or $463 per square foot. The purchase price included approximately $528,000 which was applied to the retirement of the underlying mortgage on the building. The acquisition was executed as part of a 1031 Like Kind Exchange with proceeds from a previously owned commercial asset.
The property, which sits within the Brooklyn Heights historic district, measures approximately 22 by 78 feet on 4.5 floors, or 9,558 square feet and the building lot measures 30 by 90 feet. The property contained nine residential units and was vacant with the exception of one rent controlled tenant. Shortly after we acquired the property the rent controlled tenant willingly vacated the apartment.
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