The Michel Family Acquires South Slope Multifamily For $2.2M
SOLD
$2,200,000
New York
See Similar DealsMultiFamily4,236 SF
Sold 04/20/2022
SOLD
The Michel Family Acquires South Slope Multifamily For $2.2M
399 17th Street, Brooklyn, New York 11215, United States
See Similar DealsMultiFamily4,236 SF
Sold 04/20/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$519
Total Square Footage:4,236 SF
Transaction Type:Sale
An off-market multifamily property located at 399 17th St. in South Slope, Brooklyn has been sold for a price of $2,200,000. The property consists of 6 units with a total square footage of 4,236. The sale price per unit is approximately $366,666, while the price per square foot is $519.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,200,000
- Address: 399 17th St.
- Market: South Slope, Brooklyn
The buyer in this transaction is The Michel Family, while the seller is The Montemarano Family. Anand Melwani from ARM Real Estate Group represented both the buyer and the seller in this deal. This was the first sale of the property in 38 years. Out of the 6 units, 5 were deregulated and the deal closed at a 5 cap.
For more information, interested parties can contact Anand Melwani of ARM Real Estate Group at (212)-464-8815 or via email at [email protected]. Additional details can also be found on the website www.armre.com.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Similar Buyers
Unlock All Profiles
Upgrade to Traded Pro for full access to every deal, profile & market insight.Unlimited deal views
Access investor profiles & contacts
Exclusive comps & market data
Go Pro
Similar Brokers
Top Markets for Multifamily Investment ReportFall 2025
Search Address Tool
Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map.NEW!
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$117,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,816.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,429.12
Annual Debt Service$125,149.47
Is there something missing? Send suggestions