Sugar Hill Capital Partners Acquires Multifamily Property in Brooklyn for $5.6M
Sugar Hill Capital Partners has acquired a 24-unit multifamily property in Brooklyn, NY for $5.6 million from Joseph Scarpinito.
Sugar Hill Capital Partners has acquired a 24-unit multifamily property in Brooklyn, NY for $5.6 million from Joseph Scarpinito. The property, located at 932-938 Eastern Parkway, was sold by Jacob Stavsky of @VCPRE.
The property is a four-story walk-up building with a mix of one- and two-bedroom units. The building was built in 1920 and has a total of 20,000 square feet of rentable space. The property is located in the Crown Heights neighborhood of Brooklyn, which has seen significant gentrification in recent years.
The deal was closed at a cap rate of 3.8%, which is below the average cap rate for multifamily properties in Brooklyn. The price per square foot of 228 is also below the average for the area, which is around 300 per square foot.
Sugar Hill Capital Partners is a real estate investment firm that focuses on value-add and opportunistic investments in the New York City area. The firm has a portfolio of over 2,000 units in the city.
Joseph Scarpinito is a local real estate investor who has been active in the Brooklyn market for over 20 years. He has a portfolio of properties in the area.
Jacob Stavsky of @VCPRE represented the seller in the transaction. VCPRE is a commercial real estate brokerage firm that specializes in multifamily properties in the New York City area.
The acquisition of this property is in line with Sugar Hill Capital Partners’ strategy of acquiring value-add properties in up-and-coming neighborhoods in the city. The firm plans to renovate the units and increase rents to bring them in line with the market. With the strong demand for rental housing in Brooklyn, the firm expects to see strong returns on this investment.