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BROOKLYN HEIGHTS, NY-25 Monroe Place, a 12-story art-deco pre-war elevator apartment building containing 69 apartments, was sold to Samson Management for $15.6 million. That price is equivalent to 11.38 times the rent at a 5.89 cap rate.

Jack Blachman of Standard Realty Associates exclusively represented the seller, 25 Monroe Place Management Co. in the sale. Blachman notes that the property had only been on the market for just a few months before being snapped up. The owner was divesting his portfolio and this was the last property, Blachman adds.

The property is located in the prime land marked Brooklyn Heights section and is one of the last remaining pre-war elevator apartment buildings not to be converted to a condominium.It features open sky-high views of the Manhattan skyline, all bridges, the river, the Empire State Building, Queens and New Jersey. All apartments have large rooms, high ceilings and can be easily combined. “This is a great opportunity for the new owner to create large family apartments in the event they want to convert the building to a condominium,” says Blachman.

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