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Bestreich Realty Group Acquires Multifamily Property In Greenpoint, Brooklyn For $7.7M

Property Image
SOLD
$7,745,000
Justin Zeitchik
Hakeem Lecky
+ 4

New York

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MultiFamily6,000 SF
Sold 09/13/2021
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Property Image
SOLD

Bestreich Realty Group Acquires Multifamily Property In Greenpoint, Brooklyn For $7.7M

88 Guernsey Street, Greenpoint, Brooklyn, NY, USA

See Similar Deals
MultiFamily6,000 SF
Sold 09/13/2021
Justin Zeitchik
Hakeem Lecky
+ 4
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,290
Total Square Footage:6,000 SF
Transaction Type:Sale

Located at 88 Guernsey Street in Greenpoint, Brooklyn, this recently sold multifamily property boasts a total of 8 units. The property spans across 6,000 square feet, with each unit averaging approximately 750 square feet. The sale price for this transaction was $7,745,000, resulting in a per unit price of $968,125. The price per square foot was calculated at $1,290.

Summary of transaction details:

The deal was facilitated by a team of experienced brokers, including Derek Bestreich, Luke Sproviero, Donal Flaherty, Justin Zeitchik, Hakeem Lecky, Corey Haynes, and Ari Harkov. Bestreich Realty Group (BRG) and Ari Harkov from Harkov Lewis Team at Brown Harris Stevens played key roles in representing the involved parties in this transaction.

Players

Corey Haynes
62 deals$228M volume(718) 360-1942
BROKER

Derek Bestreich
Investment Property Realty Group (IPRG)
312 deals$1.1B volume(718) 360-8802
BROKER

Hakeem Lecky
Investment Property Realty Group (IPRG)
31 deals$91M volume
BROKER

Justin Zeitchik
Investment Property Realty Group (IPRG)
50 deals$254.9M volume(718) 360-8827
BROKER

Donal Flaherty
Investment Property Realty Group (IPRG)
101 deals$367.7M volume(718) 360-8823
BROKER

Luke Sproviero
Investment Property Realty Group (IPRG)
222 deals$848.7M volume
BROKER

Ari Harkov
Brown Harris Stevens
86 deals$429.1M volume(212) 381-4246
BROKER

Details

SOLD
IMAGE: Derek Bestreich, Donal Flaherty, Luke Sproviero, Justin Zeitchik & Ari Harkov DATE: 09/13/2021 ADDRESS: 88 Guernsey Street MARKET: Greenpoint, Brooklyn ASSET TYPE: Multifamily BROKERS: Derek Bestreich, Luke Sproviero (@DaLucien), Donal Flaherty (@Tefbreh), Justin Zeitchik (@Jigga1216), Hakeem Lecky (@HakeemLecky8), & Corey Haynes (@Corey_Haynes) - Bestreich Realty Group (BRG) (@BRG_CRE); Ari Harkov @HarkovLewisTeam @BrownHarrisStevens SALE PRICE: $7,745,000 UNITS: 8 ~ PPU: $968,125 SF: 6,000 ~ PPSF: $1,290

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$413,066.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$27,516.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,715.25
Annual Debt Service$440,583.02