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Steven Neuman Acquires 144 Units Multifamily In Marine Park Brooklyn From Jeff T. Blau For $23M

Property Image
SOLD
$23,000,000
SN
JB

New York

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MultiFamily
Sold 05/30/2025
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Property Image
SOLD

Steven Neuman Acquires 144 Units Multifamily In Marine Park Brooklyn From Jeff T. Blau For $23M

1865 Burnett Street, 3001 Avenue R & 3004 Avenue R

See Similar Deals
MultiFamily
Sold 05/30/2025
SN
JB
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved the sale of a multifamily asset located at 1865 Burnett Street, 3001 Avenue R & 3004 Avenue R in the Marine Park neighborhood of Brooklyn. The property consists of 144 units with a price of $23,000,000, translating to a price per unit of $159,722. This deal closed on May 30, 2025, and was recorded on June 10, 2025.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $23,000,000
  • Units: 144
  • Price Per Unit: $159,722
  • Buyer: Steven Neuman
  • Seller: Jeff T. Blau - Related Companies
  • Market: Marine Park, Brooklyn

Steven Neuman acquired the 144 units through three separate transactions with Related Companies, which were all cash-flowing investments. Jeff T. Blau represented Related Companies in this deal.

Players

SN
Steven Neuman
6 deals$107.9M volume
BUYER
JB
Related Companies
Jeff T. Blau
15 deals$1.3B volume
SELLER
Related Companies
Related Companies
SELLER

Details

SOLD
IMAGE: Jeff T. Blau DATE: 05/30/2025 ADDRESS: 1865 Burnett Street, 3001 Avenue R & 3004 Avenue R MARKET: Marine Park, Brooklyn ASSET TYPE: Multifamily BUYER: Steven Neuman SELLER: Jeff T. Blau (@BlauJeff) - Related Companies (@RelatedCos) SALE PRICE: $23,000,000 UNITS: 144 ~ PPU: $159,722 NOTE: Steven Neuman bought 144 units across three Marine Park, Brooklyn walkup buildings from Related Companies for $23 million in three deals, all cash-flowing investments that closed on May 30, 2025, and recorded June 10, 2025.

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

$1,226,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81