Investment Property Realty Group Acquires Multifamily Building In Bushwick, Brooklyn For $5.7M

The property involved in this transaction is a multifamily building located at 418 Suydam Street in Bushwick, Brooklyn. The property was originally a deteriorated 6-unit building with right and left laid-out apartments. It has since been rehabilitated through alteration type 1 and vertical extension, resulting in a modern building with 8 front and back apartments. The total square footage of the property is 5,574, with each unit averaging at 697 square feet. The sale price of the property was $5,695,000, which translates to a price per unit of $711,875 and a price per square foot of $1,022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,695,000
• Units: 8
• Price per Unit: $711,875
• Total Square Footage: 5,574
• Price per Square Foot: $1,022
• Address: 418 Suydam Street, Bushwick, Brooklyn
• Market: Bushwick, Brooklyn

The brokers involved in this deal were Derek Bestreich, Luke Sproviero, Steve Reynolds, Tom Reynolds, and Brian Davila from Investment Property Realty Group (IPRG). They represented the buyer and/or seller in this transaction.