Holmes Family Purchases Multifamily Property From Ruggeri Family In Brooklyn For $5.9M
SOLD
$5,900,000
New York
See Similar DealsMultiFamily7,500 SF
Sold 08/02/2025
SOLD
Holmes Family Purchases Multifamily Property From Ruggeri Family In Brooklyn For $5.9M
271 Union Street
See Similar DealsMultiFamily7,500 SF
Sold 08/02/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$786
Total Square Footage:7,500 SF
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 271 Union Street in Brooklyn. It was sold for a price of $5,900,000 and encompasses a total square footage of 7,500, resulting in a price per square foot of $786.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,900,000
- Address: 271 Union Street
- Market: Brooklyn
- Square Footage: 7,500
- Price Per Square Foot: $786
- Buyer: Holmes Family
- Seller: Ruggeri Family
- Buyer's Representative: Michael Zats - Brooklyn Heights Real Estate
The buyer, Holmes Family, was represented in this transaction by Michael Zats from Brooklyn Heights Real Estate. The seller of the property is the Ruggeri Family. A notable aspect of the transaction is that the asset was delivered vacant, highlighting its potential for new occupants.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$314,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,961.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,969.01
Annual Debt Service$335,628.12
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