Brooklyn, NY Besen & Associates has completed the sale of the multifamily property at 140 Clarkson Ave. between Bedford and Rogers Aves. in the East Flatbush neighborhood. The asset sold for $14.49 million and was executed by the exclusive brokerage team of Amit Doshi, Matthew Leist, and Shallini Mehra.

The seller was FIMS Realty Corp. and the buyer was 140 Clarkson LLC.

The subject property is an early Art Deco six-story elevatored building constructed in 1931, containing 59 apartments across 69,500 s/f. 

With dimensions of 100’ x 144’ on a 200’ lot, it is built unusually deep.  It was owned by the same family for half a century.  It is 100% rent stabilized, with extremely under market rents.  

“We achieved a price that equated to around a 3% cap for the seller on account of very low in-place rents,” stated Matt Leist.  “Sold it in 3 weeks for a 3 cap,” he continued.

At a sale price of $14,490,000, the other valuation metrics equate to $245,600 per unit and $210 per square foot. “Prospect Lefferts Gardens, located just south of Prospect Park and Crown Heights is gentrifying at a rapid pace with several new constructions, and is characterized by pre-war townhouses, single family houses, co-ops, rental buildings and more recently, some new developments,” stated Amit Doshi.

The building was purchased by an established global real estate fund with strong operating experience.

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