Urban Resource Institute paid $8M to J14 LLC

Urban Resource Institute paid J14 LLC $8.0 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 39 residential units at 1270 Pacific Street in Crown Heights. The deal closed on August 28, 2019 and was recorded on September 06, 2019. The parcel(s) have total development potential of 12,900 square feet.
The sale price per unit is $205,128.
The estimated cap rate is 2.2%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 39 residential (or hotel) units on March 22, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $15,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $23,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link