Mike Mustafa Acquires Multifamily Property On Bay Ridge Avenue In Brooklyn For $1.49M

A multifamily property located at 100 Bay Ridge Avenue in Bay Ridge, Brooklyn was recently sold. The property consists of 6 units and spans a total area of 5,100 square feet. The sale took place on March 24, 2021, and the sale price for the property was $1,493,000. This translates to a price per square foot of $292. The buyer of the property was Mike Mustafa, while the seller was David Greene. The deal was facilitated by brokers John Brennan and Matt Dittmeier from Marcus & Millichap.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,493,000
• Address: 100 Bay Ridge Avenue, Bay Ridge, Brooklyn
• Market: Bay Ridge, Brooklyn
• Number of Units: 6
• Price per Square Foot: $292
• Buyer: Mike Mustafa
• Seller: David Greene
• Brokers: John Brennan & Matt Dittmeier - Marcus & Millichap

John Brennan and Matt Dittmeier from Marcus & Millichap played a pivotal role in facilitating this transaction. The property's market, Bay Ridge in Brooklyn, served as a lucrative location for this multifamily asset. With a cap rate of 5.54%, this sale represents a valuable investment for the buyer, Mike Mustafa.