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Hermann Family Trust Acquires Brooklyn Multifamily From Baranes Family For $1.7M

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SOLD
$1,700,000

New York

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MultiFamily1,839 SF
Sold 02/21/2025
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Property Image
SOLD

Hermann Family Trust Acquires Brooklyn Multifamily From Baranes Family For $1.7M

1645 Pacific Street

See Similar Deals
MultiFamily1,839 SF
Sold 02/21/2025
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$924
Total Square Footage:1,839 SF
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 1645 Pacific Street, Brooklyn. It was sold for a total price of $1,700,000, with the property comprising 2 units. The total square footage of the asset is 1,839, resulting in a price per square foot of $924 and a price per unit of $850,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $1,700,000
  • Address: 1645 Pacific Street
  • Market: Brooklyn
  • Units: 2
  • Square Footage: 1,839
  • Price per Unit: $850,000
  • Price per Square Foot: $924
  • Buyer: Hermann Family Trust
  • Seller: Baranes Family
  • Buyer's Representative: Rory Bolger - Brown Harris Stevens
  • Seller's Representative: Joe Brikman - Brooklyn Blocks Real Estate

This transaction featured Rory Bolger representing the buyer, Hermann Family Trust, while Joe Brikman acted on behalf of the seller, Baranes Family. Both representatives are associated with their respective real estate agencies, facilitating this multifamily asset deal within the Brooklyn market.

Players

Joe Brikman
7 deals$22.5M volume(718) 669-0316
BROKER

Joe Brikman
Brooklyn Blocks Real Estate
7 deals$22.5M volume(718) 669-0316
BROKER

Rory Bolger
Brown Harris Stevens
1 deal$1.7M volume(347) 728-8999
BROKER

Details

SOLD
IMAGE: Joe Brikman & Rory Bolger DATE: 02/21/2025 ADDRESS: 1645 Pacific Street MARKET: Brooklyn ASSET TYPE: Multifamily BUYER: Hermann Family Trust SELLER: Baranes Family BUYER'S REP: Rory Bolger (@RoryBolgerNYC) - Brown Harris Stevens (@BrownHarrisStevens) SELLER'S REP: Joe Brikman (@JoeBrik) - Brooklyn Blocks Real Estate (@Brooklyn_Blocks) SALE PRICE: $1,700,000 UNITS: 2 ~ PPU: $850,000 SF: 1,839 ~ PPSF: $924

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

$90,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,039.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,058.87
Annual Debt Service$96,706.41