Located in the Greenpoint neighborhood of Brooklyn, the multifamily property at 159 Newel Street recently changed hands in a closed transaction. The property, with a total square footage of 8,500, consists of eight units. The sale price for this transaction was $4,400,000, resulting in a price per square foot of $517. With a selling price of $550,000 per unit, the property achieved a 5% capitalization rate.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $4,400,000
• Address: 159 Newel Street
• Market: Greenpoint, Brooklyn
• Zoning: R6B

The buyer of the property is Davean Holdings, represented by Sean Lefkovits, Lance Lefkovits, and David Lloyd. The seller in this transaction is Andrzej Roth. The brokerage firm involved in the deal is Douglas Elliman, with Danny Duffoo serving as the representative. It is worth noting that this purchase was an off-market transaction, indicating the exclusivity of the opportunity. Additionally, the property is located in prime Greenpoint and is tax class protected under 2B.

As mentioned by Davean Holdings on Instagram, they are actively seeking more investment opportunities and can close deals within 15 days, specifically targeting sellers who require year-end closings. Interested parties are encouraged to send any potential opportunities to [email protected].