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Lael Shults Purchases Multifamily Property From The Fasano Family For $3.1 Million In Brooklyn

Property Image
SOLD
$3,100,000

New York

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MultiFamily3,824 SF
Sold 06/26/2025
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Property Image
SOLD

Lael Shults Purchases Multifamily Property From The Fasano Family For $3.1 Million In Brooklyn

237 Washington Avenue

See Similar Deals
MultiFamily3,824 SF
Sold 06/26/2025
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$810
Total Square Footage:3,824 SF
Transaction Type:Sale

The property involved in this transaction is a MultiFamily asset located at 237 Washington Avenue in Brooklyn. The transaction was finalized at a sale price of $3,100,000, covering a total of 3 units. The total square footage of the property is 3,824, which results in a price per unit of $1,033,333 and a price per square foot of $810.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $3,100,000
  • Units: 3
  • Price Per Unit: $1,033,333
  • Square Footage: 3,824
  • Price Per Square Foot: $810
  • Buyer: Lael Shults
  • Seller: The Fasano Family
  • Seller's Representative: Gabriel Kates & Sean Mashihi - Block Real Estate Group

Lael Shults has acquired this MultiFamily property from The Fasano Family, with Gabriel Kates and Sean Mashihi serving as the representatives for the sellers through Block Real Estate Group during this transaction.

Players

Gabriel Kates
59 deals$158.4M volume(508) 365-8278
BROKER

Sean Mashihi
Block Real Estate Group
46 deals$123.2M volume(917) 999-6616
BROKER

Block Real Estate Group
BROKERAGE

Details

SOLD
IMAGE: Sean Mashihi & Gabriel Kates DATE: 6/26/2025 ADDRESS: 237 Washington Avenue MARKET: Brooklyn ASSET TYPE: MultiFamily BUYER: Lael Shults SELLER: The Fasano Family SELLER'S REP: Gabriel Kates (@GabeKates) & Sean Mashihi (@SeanMashh) - Block Real Estate Group (@BlockRealEstateGroup) SALE PRICE: $3,100,000 UNITS: 3 ~ PPU: $1,033,333 SF: 3,824 ~ PPSF: $810

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

$165,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,013.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,695.58
Annual Debt Service$176,346.98