Updated Dec 20, 2023
JLL And Brown Harris Stevens Sell Bushwick Multifamily For $14.85M
248 Melrose Street, Brooklyn, New York 11206, United States
$14,850,000
$999/SF
Building Size
14,860 SF
Asset Type
MultiFamily
Closing
May 1, 2022
About this deal
AI
A multifamily property located at 248 Melrose Street, 11 Devoe Street, and 1190 Greene Avenue in Bushwick has been sold for $14,850,000. The property consists of 19 units, with an average price per unit of $781,578. It has a total square footage of 14,860, resulting in a price per square foot of $999.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $14,850,000
- Units: 19
- Price per Unit: $781,578
- Total Square Footage: 14,860
- Price per Square Foot: $999
The sale of the property was facilitated by several brokers. Ari Harkov represented the seller through The Harkov Lewis Team at Brown Harris Stevens. Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford, from JLL, also played a role in the transaction.
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
1.07%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93