Ann Portell Acquires Multifamily Property At 260 Hicks Street Brooklyn For $2.5M

260 Hicks Street is a multifamily property located in Brooklyn, featuring nine rental units. The asset was sold for $2,500,000, translating to a price per unit of $277,777. The total square footage of the property is 5,400, resulting in a price per square foot of $462. This property is fully occupied and rent-stabilized.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,500,000
• Buyer: Ann Portell
• Seller: Estate of Gloria Rivera
• Units: 9
• Price Per Unit: $277,777
• Square Footage: 5,400
• Price Per Square Foot: $462
• Cap Rate: 4.5%
• Broker Representatives: Ernst Achildiyev & Rene Attias - EXP Realty

The transaction was part of a larger disposition strategy, marking the completion of a $14 million sale of five properties from the Estate of Gloria Rivera. Ernst Achildiyev and Rene Attias represented the sellers in all five transactions and successfully secured a 1031 exchange buyer at the full asking price for this property.