Compass Helps Secure $4.8M Prospect Heights Multifamily Sale

In Prospect Heights, Brooklyn, a multifamily property located at 204 Park Pl. was recently sold for $4,800,000. The property consists of 5 units with a price per unit of $960,000. Spanning across 5,562 square feet, the property was sold at a price per square foot of $862. The transaction resulted in a capitalization rate of 4.1%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,800,000
• Units: 5
• Price Per Unit: $960,000
• Square Footage: 5,562
• Price Per Square Foot: $862
• Capitalization Rate: 4.1%

Chris Melling was the seller in this transaction, while Meylin Maldonado and Wendy Nanasi from Compass represented the buyer. Andrew Bronsteen and Shaun Riney from Marcus & Millichap served as the seller's representatives.

Andrew Bronsteen and Shaun Riney expressed their satisfaction in securing an out-of-state 1031 buyer and helping them acquire their first property in Brooklyn. They mentioned that 1031 buyers are inclined towards well-known firms and established track records. The brokers also highlighted their strong pipeline of similar buyers and encouraged property owners to contact them for a valuation of their buildings.