Joel Schwartz Acquires Multifamily Property In Williamsburg, Brooklyn For $3.1M

Located in the vibrant neighborhood of Williamsburg, Brooklyn, the multifamily property at 438 Union Avenue has been sold in a recent transaction. The property, owned by LaMarche Food Products for over 30 years, was delivered vacant to the buyer. Situated on an MTA easement, the approval process for any future development project is expected to take an additional 9-12 months. The transaction involves a significant amount of $3,100,000, with a price per square foot (PPSF) of $738. The building spans over 8,975 square feet, resulting in a price per buildable square foot (PPBSF) of $345.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,100,000
• Price per Square Foot (PPSF): $738
• Building Square Footage (BSF): 8,975
• Price per Buildable Square Foot (PPBSF): $345
• Market: Williamsburg, Brooklyn

Joel Schwartz successfully purchased the property at 438 Union Avenue, facilitated by the real estate brokers Mike Salvatico and Shaun Riney from New York Multifamily. The deal was closed with the assistance of these experienced professionals.