Property traded at around a 5 cap
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.