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423 16th Street, Brooklyn, ...

Connor Domershick And Max Maleh Acquire Park Slope Multifamily Property For $8M
SOLDMultiFamily

Connor Domershick And Max Maleh Acquire Park Slope Multifamily Property For $8M

423 16th Street, Brooklyn, NY, USA

$8,000,000

$685/SF

Building Size

11,668 SF

Asset Type

MultiFamily

Closing

Nov 30, 2021

AI

A multifamily property located at 423 16th in Park Slope, Brooklyn has been sold for a total of $8,000,000. The property consists of 16 units with an average price per unit of $500,000. The total square footage of the property is 11,668, resulting in a price per square foot of $685.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $8,000,000
  • Address: 423 16th, Park Slope
  • Market: Park Slope
  • Buyer: Connor Domershick & Max Maleh
  • Seller: Rich Giancola
  • Brokers: Luke Sproviero & Derek Bestreich - BRG (Bestreich Realty Group)
  • Total Units: 16
  • Price per Unit: $500,000
  • Total Square Footage: 11,668
  • Price per Square Foot: $685

The transaction was facilitated by brokers Luke Sproviero and Derek Bestreich from Bestreich Realty Group. They represented both the buyer, Connor Domershick and Max Maleh, as well as the seller, Rich Giancola.

Players

Derek Bestreich

Investment Property Realty Group (IPRG)

Broker

$1.1B

vol

312 deals

Broker

Connor Domershick

Conway Capital

Buyer

$57M

vol

15 deals

Buyer

New York 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

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93