Updated Sep 9, 2024
The Michel Family Acquires South Slope Multifamily For $2.2M
399 17th Street, Brooklyn, New York 11215, United States
$2,200,000
$519/SF
Building Size
4,236 SF
Asset Type
MultiFamily
Closing
Apr 19, 2022
About this deal
AI
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.
On the Map
$2,200,000
$519/SF
MultiFamily
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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
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93