Updated Dec 21, 2023
The Golden Family Acquires Multifamily Property On Wythe Avenue In Williamsburg For $2.5M
398 Wythe Avenue, South Williamsburg, Brooklyn, NY, USA
$2,500,000
$618/SF
Building Size
4,045 SF
Asset Type
MultiFamily
Closing
Feb 28, 2021
About this deal
AI
The multifamily property located at 398 Wythe Avenue in Williamsburg, Brooklyn was recently sold in a closed transaction. The property is situated in a market with M1-2/R6, MX-8 zoning and offers a variety of opportunities for development.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $2,500,000
- Square Footage: 4,045
- Price per Square Foot: $618
- Number of Units: 2
The Golden Family purchased the property from Sam Tufnell. The transaction was facilitated by brokers Shaun Riney and Mike Salvatico from New York Multifamily and Marcus & Millichap NY, respectively. Their expertise and negotiation skills played a crucial role in the successful completion of the deal.
It is worth noting that 398 Wythe Avenue was part of a portfolio of properties. However, this specific property was sold individually to an end-user on As-Is terms with existing tenants in-place. The property garnered significant interest, with over 10 offers and a bidding war prior to the contract signing.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.35%
Cash-on-Cash
-1.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93