The Michel Family Acquires South Slope Multifamily For $2.2M

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.