Fernandez Family Acquires Brooklyn Multifamily Asset From Doshi Family For $940,000

The asset involved in the transaction is a multifamily property located at 459 40th Street in Brooklyn. The property was sold for $940,000 and comprises 6,022 square feet. It contains a total of 8 units, with a price per unit of $117,500 and a price per square foot of $156. The property was delivered with three vacant apartments.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $940,000
• Units: 8
• Square Footage: 6,022
• Price Per Unit: $117,500
• Price Per Square Foot: $156
• Buyer: Fernandez Family
• Seller: Doshi Family
• Brokers: DJ Johnston & Matt Wendorff - Matthews

This transaction showcases the importance of understanding the dynamics of heavily rent-regulated multifamily properties, as indicated by the expertise of the brokers involved. The selling brokers, DJ Johnston and Matt Wendorff, highlight the strategic approach taken by competitive local buyers, who prioritize in-place cash flow and benefit from concentrated portfolio management within the New York City market.