John Thermos Acquires Multifamily Property In Sunset Park, Brooklyn For $875K

A multifamily property located at 444 40th St. in Sunset Park, Brooklyn was recently sold for a total of $875,000. The property consists of 6 units, with each unit having an average price per unit of $145,833. The total square footage of the property is 5,541, resulting in a price per square foot of $157. The transaction took place on 06/03/2022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $875,000
• Address: 444 40th St., Sunset Park, Brooklyn
• Market: Sunset Park, Brooklyn
• Units: 6
• Price Per Unit: $145,833
• Square Footage: 5,541
• Price Per Square Foot: $157

The buyer of the property is John Thermos, while the seller is Nick Barone. The deal was facilitated by the following brokers from Investment Property Realty Group (IPRG): Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, and Andrew Cipolli.

According to a note from @IPRG_NYC, the building is fully rent stabilized but has substantial violations. Additionally, the property has a cap rate of 4.71%.