283 Albany Ave. sells for $8.8 million
The building is 100% occupied, and will still be rentals.
Silvershore Properties has picked up a 58,000-square-foot apartment building in the Crown Heights section of Brooklyn for $8.8 million, Commercial Observer has learned. The property, at 283 Albany Avenue, is a 53-unit elevator building that was built in 1941 and owned by the same family, Hoydu Realty Corp., for almost 40 years. Silvershore's Jason Silverstein and David Shorenstein…
Comments
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It should be interesting to see how long it remains rent stabilized.
If they wanted to, my bet is they could get it to be 80% market by Jan 2016. -
How would they do that?
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The regular methods: Buy outs, capital improvements, evictions for lease violations and late payment of rent....
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