Fridman and Zimmermann of Barcel Group complete $17 million sale; reps Seller, BCB Property Management and purchaser, Pangash Prsad

 991-993 President Street – Brooklyn, NY

991-993 President Street – Brooklyn, NY

Brooklyn, NY Barcel Group arranged the sale of 991-993 President St., located in the Crown Heights section of the borough. Marcel Fridman, president of Barcel Group, represented the seller, BCB Property Management and Bart Zimmermann represented the purchaser, Pangash Prsad in this off-market transaction.
The 63-unit, four-story walk-up apartment building sold for $17 million. The transaction price reflects a gross rent multiple of 16.25, and a capitalization rate of 4.75%. The 45,100 s/f building traded for $368 per s/f. The properties were built in 1925, they consist of mostly one bedroom and two bedroom apartments, of which, only 35% of units are rented at market rent which leaves the new owner a tremendous amount of additional income potential.
The building is located in a prime area Crown Heights. The occupants are drawn to the buildings location because of its close proximity to major subway lines and the ever popular Prospect Park.
By traveling just a half a block from the building tenants can escape the city atmosphere and enjoy the park that features miles of walking and running paths, as well as the Brooklyn Botanical Gardens.