A multifamily property located at 16 Stanhope Street in Brooklyn, New York has been sold for a price of $2,300,000. The property spans approximately 8,500 square feet and has a price per square foot of $270. It consists of 8 units, making the price per unit around $287,000. The property has a capitalization rate of 4%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,300,000
• Location: 16 Stanhope Street, Brooklyn, New York
• Market: Brooklyn

The buyers of this property are Robert Rahmanian and Louis Adler. The brokers involved in the deal are Sean Lefkovits and Rami Polinsky from HPNY.

The buyer plans to hold onto the property for the long term and sees potential for increased rental income. Currently, the average rent for the units is around $1,450, but the market rent after renovation is estimated to be $3,000. The buyer intends to fully renovate the free market units and raise the rents to match the market rates. One of the appealing factors of this property is its low taxes. It falls under tax class 2B, which has a cap on tax increases, thereby keeping the taxes low.