Zachary Magid Acquires Multifamily Property On Bushwick Avenue For $1.7M

Located at 1470 Bushwick Avenue in Bushwick, Brooklyn, this multifamily property consists of 6 units spanning 5,250 square feet. The sale price for this asset was $1,700,000, translating to a price per unit of $283,333 and a price per square foot of $324. The property, exempt from rent regulation due to a substantial rehabilitation in 2003, required minor renovations to achieve market rents. The purchase included one vacancy among its month-to-month tenants with an average rent of approximately $1,680.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,700,000
• Buyer: Zachary Magid
• Seller: Edward Fang
• Brokers: Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, Noah Middlekauff, Joe Moravec - Investment Property Realty Group
• Units: 6
• Square Footage: 5,250
• Market: Bushwick, Brooklyn

The negotiated terms of the sale involved the seller agreeing to hold a short-term note for financing, allowing the property to be sold at a 3.6% cap rate with a 40% down payment, 5% interest-only loan for 5 years. This unique financing structure enabled the buyer, Zachary Magid, to pursue a value-add strategy through cosmetic renovations to increase rents to market rates in the Bushwick area.