11/17/2008

Massey Knakal sells Cobble Hill Towers for $34M

by

Cobble Hill Towers

Massey Knakal Realty Services has negotiated the sale of the Cobble Hill Towers in Brooklyn, N.Y., for $34 million.

Massey's Kenneth Freeman represented the seller in the transaction.

Cobble Hill Towers is a nine-building portfolio located at 419-435, 445 Hicks St. It contains 188 units and was constructed in 1876 by Alfred T. White. It is one of the first examples of socially engineered modern working class housing in America, according to Massey Knakal. It covers approximately 140,778 square feet and is currently 98 percent occupied.

"Despite the challenging market, Massey Knakal achieved the client's goals of finding a joint venture partner to take over operations of the complex, with the eventual goal of converting the properties to private ownership," Freeman said.

Address: 419-435, 445 Hicks St., Brooklyn, N.Y.

Size: 188 units

Built: 1876

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Filed Under: Multi-Family

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