Michael Alvandi & Harry Hochman Of City Urban Realty Sell Multifamily Property In Bed-Stuy For $6.2M

The multifamily property located at 385 Vernon Avenue in Bed-Stuy, Brooklyn, has completed a sale transaction. The asset comprises 16 units and has a total square footage of 14,615. The final sale price for the property was $6,200,000, resulting in a price per unit of $387,500 and a price per square foot of $424.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $6,200,000
• Units: 16
• Square Footage: 14,615
• Price Per Unit: $387,500
• Price Per Square Foot: $424
• Sellers: Michael Alvandi & Harry Hochman - City Urban Realty
• Broker Representatives: Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, Noah Middlekauff - Investment Property Realty Group (IPRG) @iprg_ny
• Date of Transaction: 07/17/2024

The transaction was facilitated by the brokerage firm Investment Property Realty Group (IPRG), involved multiple representatives who played a role in the successful closing. The sellers, represented by City Urban Realty, facilitated the sale aiding in the transaction process.