Wharton Properties Acquires Bushwick Ridgewood Portfolio With Marcus & Millichap As Brokers

The Bushwick Ridgewood Portfolio, located in Bushwick and Ridgewood, was recently sold in a package deal transaction. The portfolio includes eight buildings: 293 & 295 Grove St., 1383 Willoughby Ave., 1488 Dekalb Ave., 1668 Putnam Ave., 1723 Bleecker St., and 1707 & 1711 Himrod St. The asset type of these properties is multifamily, and the total square footage is approximately 42,000 square feet.

Summary of transaction details

• Property Type: Package Deal - Multifamily
• Transaction Amount: $10,100,000
• Units: 48
• Price per Unit: $210,416
• Price per Square Foot: $240

The buyer of the portfolio is Wharton Properties, while the seller is R.A. Cohen & Associates. The deal was facilitated by brokers Shaun Riney, Mike Salvatico, Joe Koicim, and Michael Kolbus from Marcus & Millichap.

According to NewYorkMultifamily, 50% of the units in the portfolio were renovated at the time of the transaction. All eight buildings were fully occupied upon closing. If you're interested in similar inventory in Brooklyn or would like a broker's opinion of value for your real estate, you can reach out to Shaun Riney, Mike Salvatico, and Michael Kolbus.