The property involved in this transaction is a multifamily asset located at 422 Bleecker Street in Brooklyn, with a total of 6 rental units. The sale price for the property was $880,000, and it has a square footage of 5,670, resulting in a price per square foot of $155. The property is a 100% rent stabilized 6-family residence situated in a competitive real estate market.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $880,000
• Units: 6
• Price per Unit: $146,666
• Square Footage: 5,670
• Price per Square Foot: $155
• Buyer: Salvatore Alagna
• Seller: The Lang Family
• Brokers: Evan Kashanian & DJ Johnston - Matthews Real Estate Investment Services
• Market: Brooklyn
• Date of Transaction: 02/27/2025

Evan Kashanian and DJ Johnston of Matthews Real Estate Investment Services represented the seller in this deal, where they effectively managed a competitive bidding process, resulting in 17 offers from qualified buyers despite the challenging market for rent stabilized assets in NYC. The final sale achieved 98% of the asking price, demonstrating the strong demand for the property type.