Investor Freo Group is looking for a big return on a 40-unit apartment building in Clinton Hill that it bought just before the pandemic.
The firm is eyeing $35 million for the six-story Knitting Factory Lofts at 79 Clifton Place, sources told The Real Deal. A sale at that price would pencil out to around $600 a foot for the 58,000-square-foot building.
The company paid $22.9 million for the property in January 2020.
Hodges Ward Elliott’s Daniel Parker is handling the sale. Parker did not respond to a call for comment and Freo Group did not immediately return a request for comment.
Built in 1939, the former factory building was converted to residential units in 2001. It has loft-style apartments, a private outdoor space and gated parking for 16 units. The building is nearly fully occupied. A 5th-floor unit is listed for $5,800 a month, according to Compass. More than half the units haven’t been renovated in recent years, sources said, and are being rented at below market price.
The city’s investment sales market hit a new low in the first quarter of 2021, after showing signs of recovery in the preceding three months. But the number of contract signings was again picking up, Ariel Property Advisors president Shimon Shkury said recently. The second quarter market report is due out this month.
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