Burekhovich Family Acquires Multifamily In Bay Ridge, Brooklyn For $1M

The property involved in this transaction is a multifamily building located at 471 78th Street in Bay Ridge, Brooklyn. The asset consists of 6 units, with a total square footage of 4,980. The sale price for this property was $1,000,000, resulting in a price per unit of $166,667 and a price per square foot of $201. The property is situated in a solid location in Bay Ridge and offers the buyer substantial rent growth potential in the future.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,000,000
• Units: 6
• Price per Unit: $166,667
• Square Footage: 4,980
• Price per Square Foot: $201

In this transaction, the buyer of the property is the Burekhovich Family, while the seller is Vasil Hlinka. The brokers involved in the deal are John Brennan and Miles Davis-Bosch from Marcus & Millichap. Their expertise and negotiation skills allowed the sale to proceed smoothly with no contract. The property's rent-stabilized nature influenced the deal, with the property selling at a 5.25% cap with no preferential upside. Despite the restrictions, the property's large front and back layouts offer significant rent growth potential for the buyer in the future.