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Neue Urban Acquires Multifamily Property In Prospect Heights For $5.4M

Property Image
SOLD
$5,400,000
Eliot Spitzer

New York

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MultiFamily9,078 SF
Sold 06/21/2022
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Property Image
SOLD

Neue Urban Acquires Multifamily Property In Prospect Heights For $5.4M

1467 Bedford Avenue, Brooklyn, New York 11216, United States

See Similar Deals
MultiFamily9,078 SF
Sold 06/21/2022
Eliot Spitzer
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$594
Total Square Footage:9,078 SF
Transaction Type:Sale

The multifamily property located at 1467 Bedford Ave. in Prospect Heights has been sold in a recent transaction. The sale was facilitated by Adam Traub of Curb Capital, representing the seller Elliot Spitzer, and Zach Ehrlich of Neue Urban, acting as the buyer's representative.

Summary of transaction details

  • Property Type: Multifamily
  • Sale Price: $5,400,000
  • Number of Units: 13
  • Price per Unit: $415,384
  • Total Square Footage: 9,078 sqft
  • Price per Square Foot: $594
  • Market: Prospect Heights

This transaction, which took place on 06/21/2022, involved the sale of a multifamily property consisting of 13 units. The sale price for this property was $5,400,000, resulting in a price per unit of $415,384. The total square footage of the property is 9,078 sqft, with a price per square foot of $594. The property is situated in the Prospect Heights market.

Representing the seller, Elliot Spitzer, was Adam Traub of Curb Capital, while Zach Ehrlich of Neue Urban acted as the buyer's representative in this transaction.

Players

15 deals$68.9M volume
BROKER

Eliot Spitzer
8 deals$2B volume
BROKER

Details

SOLD
IMAGE: Zach Ehrlich & Adam Traub DATE: 06/21/2022 ADDRESS: 1467 Bedford Ave. MARKET: Prospect Heights ASSET TYPE: Multifamily BUYER: Neue Urban (@NeueUrban) - Zach Ehrlich (@ZaEhrlich) SELLER: Elliot Spitzer BROKERS: Adam Traub (@AdamrTraub) - Curb Capital (@Curb_Capital) SALE PRICE: $5,400,000 UNITS: 13 ~ PPU: $415,384 SF: 9,078 ~ PPSF: $594

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

$288,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,185.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,598.75
Annual Debt Service$307,185.06