Frank Picone Acquires South Slope Multifamily Property For $2.365M

The multifamily property located at 414 Prospect Avenue in South Slope, Brooklyn, NY has been sold. The property spans 4,876 square feet and was sold for a price of $2,365,000, resulting in a price per square foot of $485. The transaction was completed at a rate of $394,167 per unit, with a capitalization rate of 5.10% and a gross rent multiplier of 14.39.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $2,365,000
• Square Footage: 4,876 SF
• Price Per Square Foot: $485
• Price Per Unit: $394,167
• Capitalization Rate: 5.10%
• Gross Rent Multiplier: 14.39

The seller of the property was Jill Merritt, while the buyer was Frank Picone. John Brennan and Richard Sodeke, representing their respective broker agency, were responsible for facilitating the transaction.