Carlos Saavedra Acquires Multifamily Property On Hicks Street In Brooklyn Heights For $5.1M

An empty block of land located at 307 Hicks Street in Brooklyn Heights, Brooklyn has been sold in a recent transaction. The property is classified as a multifamily building and spans a total area of 4,984 square feet. The sale took place on December 28, 2023, with a closing price of $5,100,000. This amounts to a cost of $1,023 per square foot. The property consists of four units, resulting in an average price per unit of $1,275,000. The buyer in this transaction is Carlos Saavedra and the seller is Greg Coppola.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,100,000
• Units: 4
• Price per Unit: $1,275,000
• Square Footage: 4,984
• Price per Square Foot: $1,023

Representing the buyer in this transaction is Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Samantha Katz from Investment Property Realty Group (IPRG). They facilitated the purchase on behalf of Carlos Saavedra. The property was sold in its current vacant state and is in need of a complete renovation. This vacant and dilapidated property, with a width of 24 feet, presents an opportunity for redevelopment and improvement.