Updated Sep 5, 2024
Joe Jacobowitz Sells Bushwick Multifamily For $2.4M With Brokerage Team From IPRG
237 Covert Street
$2,400,000
$1,265/SF
Building Size
1,896 SF
Asset Type
MultiFamily
Closing
Feb 27, 2023
About this deal
AI
A multifamily property located at 237 Covert Street in Bushwick, Brooklyn has been sold in a closed transaction. The property consists of 3 units with a total square footage of 1,896. The sale price for the property was $2,400,000, resulting in a price per unit of $800,000 and a price per square foot of $1,266.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,400,000
- Address: 237 Covert Street
- Market: Bushwick, Brooklyn
The seller of the property was Joe Jacobowitz. The sale was facilitated by a group of brokers from Investment Property Realty Group (IPRG) including Derek Bestreich, Luke Sproviero, Steve Reynolds, Tom Reynolds, Brian Davila, and Noah Middlekauff. These brokers represented the seller in the transaction.
Players
Market 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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93