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2225 85th Street, Brooklyn,...

Updated Dec 21, 2023

Wan Tim Wong Acquires Multifamily Property In Bensonhurst For $1.73M
SOLDMultiFamily

Wan Tim Wong Acquires Multifamily Property In Bensonhurst For $1.73M

2225 85th Street, Brooklyn, New York 11214, United States

$1,730,000

$476/SF

Building Size

3,630 SF

Asset Type

MultiFamily

Closing

Mar 30, 2022

About this deal

AI

The sale of a multifamily property in Bensonhurst, Brooklyn has been completed. The property, located at 2225 85th Street, was sold for a price of $1,730,000. The buyer in this transaction is Wan Tim Wong, while the seller is the Gitlitz Family. The deal was facilitated by brokers John Brennan & Matt Dittmeier from Marcus & Millichap. The property consists of three units, with a total square footage of 3,630. The price per unit is $576,666, and the price per square foot is $476.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $1,730,000
  • Units: 3
  • Square Footage: 3,630
  • Buyer: Wan Tim Wong
  • Seller: Gitlitz Family
  • Brokers: John Brennan & Matt Dittmeier - Marcus & Millichap

The sale process attracted significant interest, with 29 written bids received. Ultimately, an all-cash offer that exceeded the asking price by $230,000 was selected. The property is conveniently located near the intersection of Bay Parkway and 86th Street in Bensonhurst. At the time of closing, the building was delivered vacant, presenting an opportunity for the buyer to utilize the space according to their needs.

On the Map

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$1,730,000

$476/SF

MultiFamily

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Players

John Brennan

Marcus & Millichap

Broker

$195.4M

vol

77 deals

Broker

Gitlitz Family

Seller

$4.3M

vol

2 deals

Seller
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Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $476 per square foot on a published $1.7M for 3,630 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.17%

Cash-on-Cash

-2.62%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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