Vincent Theurer Acquires Sunset Park Gem in 417-441 40th Street

NEW YORK, Oct. 14, 2020 /PRNewswire/ --  Vincent Theurer, of Approved Oil, has acquired 417-441 40^TH Street.

The rent stabilized multifamily property sits in the highly sought Sunset Park neighborhood of Brooklyn, NY, and sold for $9 million at a capitalization rate of 5.7%, $210 per square foot, and $183,600 per unit.  Senior Managing Director, Adam Hess, Vice President, Edward Setton, and Associate, Lane Matalon, represented the seller, Ilan Goldstein of Slope Realty in the sale to VM Realty 8 LLC.

The 49-unit, four-story, 42,600 square foot property is situated between Fourth and Fifth Avenue  in one of Brooklyn's most desirable neighborhoods. 43 units are rent stabilized, four are free market, and two are rent controlled. Laundry is available to tenants. Residents of the building enjoy immediate access to two of the main retail centers in the neighborhood, with proximity to the D, N, and R trains at the 36^th Street subway station, offering easy access to Manhattan.

Sunset Park boasts a rich, multicultural community, and features signature 20^th century row home architecture. The area has no shortage of unique boutiques, independent businesses, and neighborhood restaurants. Sunset Park is also known for its art scene, access to parks and greenery, local food shops, and proximity to the waterfront, making it an ideal residence for young professionals and families.

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SOURCE Vincent Theurer