Eddie Osmani Acquires 20-Unit Multifamily In Bay Ridge, Brooklyn For $4.58M

The multifamily property at 316 68th Street in Bay Ridge, Brooklyn has been sold. The property consists of 20 units and spans a total of 17,800 square feet. The seller, Bill Lika, sold the property to the buyer, Eddie Osmani, at a sale price of $4,580,000. This translates to a price per square foot of $257.30. The asking price for the property was $4,900,000, indicating that it was sold below the initial listing price.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,580,000
• Address: 316 68th Street, Bay Ridge, Brooklyn
• Market: Bay Ridge, Brooklyn
• Seller: Bill Lika
• Buyer: Eddie Osmani
• Broker: John Brennan - Marcus & Millichap

This deal has a 4.5% cap rate, indicating a favorable return on investment. Additionally, the seller provided 5-year interest-only financing at a 3.5% interest rate. It is worth noting that 19 of the units are rent-stabilized, while 1 unit is rent-controlled. These factors may have influenced the final sale price and the terms of the financing.