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Brooklyn MF Trades for $5M

NEW YORK CITY-Highcap Group's Portelli arranged the sale of the 43,200-square-foot 1642-1646 Pitkin Ave. to Bristol Street Equities.

By Paul Bubny | Updated on January 06, 2010

NEW YORK CITY-Highcap Group has arranged the sale of 1642-1646 Pitkin Ave., a six-story elevator apartment building in Brooklyn, for $5 million. The cap rate on the 43,200-square-foot property, also known as 79-93 Bristol St., was “slightly north of 8%,” says Christen Portelli, managing principal at Highcap.

Portelli tells GlobeSt.com she represented both the seller, Alaf Estates LLC, and the purchaser, Bristol Street Equities LLC, in the transaction. The property includes 40 apartments, two retail tenants including a McDonald’s franchise, and a cell antenna.

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