Elie Albert Acquires Multifamily Property In Bushwick, Brooklyn For $1.8M From Seller Joseph Salmone
205 Irving Avenue, Brooklyn, NY 11237, USA
$1,800,000
$369/SF
Building Size
4,869 SF
Asset Type
MultiFamily
Closing
Sep 23, 2021
AI
A multifamily property located at 205 Irving Ave. in Bushwick, Brooklyn, was recently sold in a closed transaction. The property is classified as a 2A tax class. The sale was facilitated by brokers Steve Schaefer, David Chira, and Michael Chira from The Industry Team at Compass. The transaction took place on September 23, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,800,000
- Address: 205 Irving Ave., Bushwick, Brooklyn
- Market: Bushwick, Brooklyn
- Tax Class: 2A
The buyer of the property is Elie Albert, while the seller is Joseph Salmone. The buyer plans to undertake a substantial renovation and reposition the asset to offer free market rentals. For any inquiries regarding buying or selling properties, interested parties can contact The Industry Team at Compass via email at industryteam@compass.com.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93