Center Street Capital Acquires Multifamily Asset On Withers Street Brooklyn From Frank Berlen For $2.9M

The asset involved in this transaction is a multifamily building located at 158 Withers Street in the Williamsburg neighborhood of Brooklyn. The sale occurred on April 14, 2025, with a total sale price of $2,900,000. The building comprises 6 units with a price per unit of $483,333. It has a total square footage of 4,276, which results in a price per square foot of $678.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,900,000
• Units: 6
• Price Per Unit: $483,333
• Total Square Footage: 4,276
• Price Per Square Foot: $678
• Buyer: Center Street Capital
• Seller: Frank Berlen
• Broker Representation: Shaun Riney, Michael Salvatico & Vincent Tomaselli - Marcus & Millichap
• Cap Rate: ~7% depending on projections
• Final act of a 9 building portfolio sale
• Legal Representation: George Georgakalis of Georgakalis & Mallas LLP
• Purchase Terms: 45-day TOE close with a 15% deposit

This transaction marks the closing of a significant portfolio for the seller, arranged by the New York Multifamily Group. The brokers involved provided valuable assistance throughout the process, ensuring timely closing as indicated by the purchaser's signed agreement.