Gilman Management pays $5M to Barberry Rose for 3 walkups in Crown Heights, last sold for $11.3M

Barberry Rose Management Company sold three adjacent four-story walkups including 1193, 1199 and 1205 Eastern Parkway in Crown Heights, Brooklyn, with total of 49 units for $5 million to Gilman Management.

The three buildings have a total of 53,908 square feet and were built in 1912. According to a representative for the broker, the properties sold for a cap rate of 9%, at a price of $92.75 per square foot. Each unit sold on average for $102,040, and the gross rent multiple was of 5.95.

Rosewood Realty Group’s Ben Khakshoor, Alex Fuchs and Aaron Jungreis represented both Barberry Rose and Gilman Management.

Barberry Rose Management Company bought the buildings in February 2018 for $11.3 million.

Barberry Rose has been an active seller over the past year, closing 24 transactions for a total of $98 million, not including these properties, which had not been recorded as of publication.

The walkup building at 1193 Eastern Parkway with 16 residential units in Crown Heights has 17,108 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 132 feet deep with a total lot size of 6,287 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $951,000.

The walkup building at 1199 Eastern Parkway with 16 residential units in Crown Heights has 18,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 132 feet deep with a total lot size of 6,629 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million.

The walkup building at 1205 Eastern Parkway with 17 residential units in Crown Heights has 18,400 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 132 feet deep with a total lot size of 6,599 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.1 million.

The PincusCo database currently indicates that Barberry Rose Management Company owned at least 16 commercial properties with 538,605 square feet, 524 residential units and a city-determined market value of $53.8 million. (Market value is typically about 50% of actual value.) The portfolio has $10 million in debt, borrowed from Principal Life Insurance Company. Within the portfolio, the bulk, or 56 percent of the 538,605 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. The bulk, or 39 percent of the built space, is in Brooklyn, with Manhattan next at 35 percent of the space.

The PincusCo database currently indicates that Gilman Management owned at least 45 commercial properties with 978,187 square feet, 1,237 residential units and a city-determined market value of $110.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 79 percent of the 978,187 square feet of built space are walkup properties, with elevator properties next occupying 20 percent of the space. The bulk, or 47 percent of the built space, is in Manhattan, with Brooklyn next at 33 percent of the space.

Direct link to the property’s ACRIS page.