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 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.

“The property boasts 60 feet of frontage on the bustling retail corridor of Pitkin Avenue,” says Portelli. She adds that 1642-1616 Pitkin represents “tremendous future value for the purchaser, with the low average rents and large apartments, plus the added stability of a global retail tenant.”

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