The multifamily property located at 324 New York Avenue in Crown Heights, Brooklyn was sold in a transaction on December 29, 2020. The property consists of 8 units with a total square footage of 8,600. The sale price for this transaction was $1,760,000, resulting in a price per unit of $220,000 and a price per square foot of $204. The property has a current capitalization rate of 3.68%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,760,000
• Address: 324 New York Avenue, Crown Heights, Brooklyn
• Units: 8
• Square Footage: 8,600
• Price per Unit: $220,000
• Price per Square Foot: $204
• Capitalization Rate: 3.68%

The buyer in this transaction was Ari Sperlin, while the seller was Chris Paras. The deal was facilitated by brokers Matthew Peters and Daniel Reyhan from Marcus & Millichap. The Peters Team, known for their expertise in Central and Eastern Brooklyn, specializes in various property types in the area. The team currently has 21 exclusive listings ranging from $800,000 to $10,000,000. The property was sold to an end-user who plans to utilize one of the vacant units in the building. The buyer also stands to benefit from potential rental increases in the future when a tenant vacates, as the current rents charged were below the legal limit. For more information on investment opportunities or market trends, contact the Peters Team at Marcus & Millichap:

Email: [email protected]
Phone: 718-475-4391