Mike Niamonitakis Acquires Multifamily Property In Brooklyn For $9.1M

Located at 288 & 295 Maple Street in Brooklyn, this multifamily property consists of 69 apartments and 7 stores. Spanning a total of 74,622 square feet, this property offers a diverse range of units for residents. The transaction took place on 05/11/2023, with a sale price of $9,100,000. This equates to a price per unit of $131,884 and a price per square foot of $122. The property boasts a cap rate of 6.4% and a gross rent multiplier (GRM) of 7.8x.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,100,000
• Units: 69
• Price per Unit: $131,884
• Square Footage: 74,622
• Price per Square Foot: $122
• Cap Rate: 6.4%
• Gross Rent Multiplier (GRM): 7.8x
• Market: Brooklyn

The buyer, Mike Niamonitakis, successfully closed this transaction. Represented by Shallini Mehra and Amit Doshi from Meridian Capital Group, this deal showcases their expertise in the Brooklyn market. Their negotiations and guidance played a crucial role in the acquisition of this multifamily property.