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Carter Martin Acquires Bushwick Multifamily For $4.7M With Bestreich, Sproviero, Reynolds, Reynolds, & Davila - IPRG

Property Image
SOLD
$4,700,000
Tom Reynolds
Steve Reynolds
Luke Sproviero
+ 3

New York

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MultiFamily6,000 SF
Sold 05/16/2023
the dealplayerscompscontact
Property Image
SOLD

Carter Martin Acquires Bushwick Multifamily For $4.7M With Bestreich, Sproviero, Reynolds, Reynolds, & Davila - IPRG

147 Stanhope Street

See Similar Deals
MultiFamily6,000 SF
Sold 05/16/2023
Tom Reynolds
Steve Reynolds
Luke Sproviero
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$783
Total Square Footage:6,000 SF
Transaction Type:Sale

A multifamily property located at 147 Stanhope Street in Bushwick, Brooklyn has been sold in a closed transaction. The property consists of 8 units with a total square footage of 6,000. The sale price for this transaction was $4,700,000, resulting in a price per unit of $587,500 and a price per square foot of $783.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $4,700,000
  • Units: 8
  • Price per Unit: $587,500
  • Square Footage: 6,000
  • Price per Square Foot: $783

In this transaction, the buyer was Carter Martin and the seller was Sam Retek. The deal was facilitated by a team of brokers from Investment Property Realty Group (IPRG), including Derek Bestreich, Luke Sproviero, Steve Reynolds, Tom Reynolds, and Brian Davila.

Players

Brian Davila
Investment Property Realty Group (IPRG)
Brian Davila
108 deals$283.4M volume(718) 360-8849
BROKER
Derek Bestreich
Investment Property Realty Group (IPRG)
Derek Bestreich
312 deals$1.1B volume(718) 360-8802
BROKER
Luke Sproviero
Investment Property Realty Group (IPRG)
Luke Sproviero
222 deals$848.7M volume
BROKER
Tom Reynolds
Investment Property Realty Group (IPRG)
Tom Reynolds
98 deals$292.3M volume(718) 360-8817
BROKER
Steve Reynolds
Investment Property Realty Group (IPRG)
Steve Reynolds
133 deals$364.4M volume(718) 360-8807
BROKER
CM
Carlyle Group
Carter Martin
28 deals$146M volume
BUYER

Details

SOLD
IMAGE: Derek Bestreich, Luke Sproviero & Steve Reynolds DATE: 05/16/2023 ADDRESS: 147 Stanhope Street MARKET: Bushwick, Brooklyn ASSET TYPE: Multifamily BUYER: Carter Martin SELLER: Sam Retek BROKERS: Derek Bestreich (@Dsb619), Luke Sproviero (@LukeSproviero), Steve Reynolds (@SteveReynoldsNYC), Tom Reynolds (@TomReynolds_CRE), & Brian Davila (@Vills25) - Investment Property Realty Group (IPRG) (@IPRG_NY) SALE PRICE: $4,700,000 UNITS: 8 ~ PPU: $587,500 SF: 6,000 ~ PPSF: $783 NOTE FROM BROKER:

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

$250,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$16,698.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,280.40
Annual Debt Service$267,364.77