Sal Galo Purchases Multifamily Asset From Romeo Family In Cobble Hill For $5.5M

The property involved in the transaction is a multifamily asset located at 240 Court Street in Cobble Hill, Brooklyn. The sale price was $5,500,000, encompassing a total of 14 units. The property spans 11,808 square feet, resulting in a price per unit (PPU) of $392,857 and a price per square foot (PPSF) of $465. The asset includes 12 fully rent-stabilized apartments and 2 stores, which were sold at a 5.30% cap rate.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $5,500,000
• Units: 14
• Square Footage: 11,808
• Price Per Unit: $392,857
• Price Per Square Foot: $465
• Buyer: Sal Galo
• Seller: Romeo Family
• Brokers: Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Samantha Katz & Alon Kahan - Investment Property Realty Group (IPRG)

The brokers involved in the transaction include Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Samantha Katz, and Alon Kahan, all representing the Investment Property Realty Group (IPRG). This collaboration highlights the professional expertise guiding the transaction process.