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Soon Bin-Kim pays $13M for 241-245 Ocean Parkway

Property traded at around a 5 cap

241 & 245 Ocean Parkway (Credit: Terra)

Soon Bin-Kim has acquired 241-245 Ocean Parkway from Bennat Berger’s Novel Property Ventures for $13 million. The two contiguous multi-family properties contain a total of 32 units and span 36,000 SF.  They are located in the Kensington section of Brooklyn

Heard on the street: Sources close to the deal confirmed that the Kensington property traded at around a 5 cap. The properties feature 24,000 square-feet of unused development rights.

Flashback: Berger paid $10.3 million for the properties in 2015. 

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