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Bestreich Realty Group Acquires Multifamily Property In Bushwick For $27.4M

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Steve ReynoldsLuke SprovieroDerek BestreichAri Harkov

$27,401,000

SOLD
$27,401,000
Luke Sproviero
Derek Bestreich
+ 1

New York

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MultiFamily46,836 SF
Sold 07/14/2020
the dealplayerscompscontact
Traded Logo
Steve ReynoldsLuke SprovieroDerek BestreichAri Harkov

$27,401,000

SOLD

Bestreich Realty Group Acquires Multifamily Property In Bushwick For $27.4M

1830 Starr Street, Ridgewood, NY, USA

See Similar Deals
MultiFamily46,836 SF
Sold 07/14/2020
Luke Sproviero
Derek Bestreich
+ 1
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$585
Total Square Footage:46,836 SF
Transaction Type:Sale

This multifamily property, located at 18-30 Starr Street in Bushwick, was sold for $27,401,000. The asset comprises 51 units with a total square footage of 46,836, resulting in a price per unit of $537,274 and a price per square foot of $585.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $27,401,000
  • Units: 51
  • Square Feet: 46,836
  • Price Per Unit: $537,274
  • Price Per Square Foot: $585

The transaction involved brokers Derek Bestreich, Luke Sproviero, and Steve Reynolds from Bestreich Realty Group, as well as Ari Harkov from Brown Harris Stevens, representing the buyers and sellers in this multifamily deal.

Players

Derek Bestreich
312 deals$1.1B volume(718) 360-8802
BROKER

Luke Sproviero
Investment Property Realty Group (IPRG)
222 deals$848.7M volume
BROKER

Steve Reynolds
Investment Property Realty Group (IPRG)
133 deals$364.4M volume(718) 360-8807
BROKER

Ari Harkov
Brown Harris Stevens
86 deals$429.1M volume(212) 381-4246
BROKER

Details

SOLD
IMAGE: Derek Bestreich, Luke Sproviero, Steve Reynolds & Ari Harkov DATE: 07/14/2021 ADDRESS: 18-30 Starr Street MARKET: Bushwick ASSET TYPE: Multifamily BROKERS: Derek Bestreich, Luke Sproviero & Steve Reynolds - Bestreich Realty Group (@BRG_CRE) & Ari Harkov (@HarkovLewisTeam) @BrownHarrisStevens SALE PRICE: $27,401,000 UNITS: 51 ~ PPU: $537,274 SF: 46,836 ~ PPSF: $585

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

$1,461,386.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$97,349.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$129,894.72
Annual Debt Service$1,558,736.63