Alpha Realty arranged the sale of 1710 Newkirk Avenue, a five‑story, 19‑unit elevator building in Ditmas Park, Brooklyn, for $4,200,000. The transaction involved a complex estate situation and an expired 421a abatement, ultimately delivering liquidity for the estate and long‑term upside for the buyer.
— Alpha Realty arranged the sale of 1710 Newkirk Avenue, a five‑story, 19‑unit elevator building located in the Ditmas Park section of Brooklyn, for $4,200,000, or approximately $244 per square foot.
The transaction presented a unique set of challenges, as the property was part of an estate following the passing of the original developer. In addition to executing the sale, Alpha Realty guided the estate through the process, providing strategic advisory to ensure a smooth and efficient disposition.
A key factor in the transaction was the recent expiration of the property’s 421a tax abatement, which introduced uncertainty around future tax liabilities and underwriting. Alpha Realty strategically repositioned the asset as a long‑term value‑add opportunity, highlighting its free‑market status and below‑market rents, with the ability for units to revert to market upon lease renewals.
“Situations like this require more than brokerage — they require hands‑on advisory and a clear execution strategy,” said Lev Mavashev, Principal of Alpha Realty. “By properly educating the market and targeting the right buyer pool, we were able to deliver a strong outcome for the estate while ensuring a seamless transaction process.”
The property spans approximately 17,213 square feet and consists of 19 residential units, along with additional income from a parking component. Built in 2009, the elevator building is well‑located near the Newkirk Plaza transit hub and benefits from strong neighborhood fundamentals in one of Brooklyn’s most desirable residential enclaves.
By leveraging a targeted marketing strategy and focusing on investors who understood the long‑term upside, Alpha Realty identified a buyer who recognized the asset’s potential. The sale delivered liquidity for the estate while positioning the buyer to capitalize on future rental growth.
Transaction Highlights
- 19 residential units across 17,213 square feet
- Free‑market tenancy with below‑market rents
- Sold for $4,200,000 ($244 per square foot)
- Elevator building with parking income component
- Built in 2009, near Newkirk Plaza transit hub
- Expired 421a tax abatement navigated as a value‑add opportunity
The sale of 1710 Newkirk Avenue reflects the complexities often involved in estate dispositions and assets with shifting tax conditions. For a detailed breakdown of the advisory process and transaction strategy, visit the Alpha Realty case study here: Brooklyn Multifamily Estate Sale | 1710 Newkirk Avenue
About the company: Alpha Realty is a New York City commercial real estate brokerage specializing in the sale of multifamily and mixed‑use properties across Manhattan, Brooklyn, and the surrounding boroughs. The firm advises owners, investors, and developers on acquisitions, dispositions, and long‑term value strategies with a focus on market knowledge and hands‑on execution.
Contact Info:
Name: Lev Mavashev
Email: Send Email
Organization: Alpha Realty – Investment Sales | NYC Multifamily
Address: 164 20th St, Suite 3D, Brooklyn, NY 11232
Phone: (212) 658‑0955
Website: https://www.alpharealtyny.com/
Release ID: 89195923
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