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533 Bergen Street

The Lacovelli Family Acquires 8-Unit Multifamily Property In Prospect Heights, Brooklyn For $4.1M
SOLDMultiFamily

The Lacovelli Family Acquires 8-Unit Multifamily Property In Prospect Heights, Brooklyn For $4.1M

533 Bergen Street

$4,125,000

$589/SF

Building Size

7,000 SF

Asset Type

MultiFamily

Closing

Dec 29, 2023

AI

A multifamily property located at 533 Bergen Street in Prospect Heights, Brooklyn has been sold in a closed transaction. The property consists of 8 units and spans across 7,000 square feet. The sale price for this transaction was $4,125,000, resulting in a price per unit of $515,625 and a price per square foot of $589.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $4,125,000
  • Units: 8
  • Price per Unit: $515,625
  • Square Footage: 7,000
  • Price per Square Foot: $589

The buyer of this property is The Lacovelli Family, while the sellers are David Manheimer and Benji Kohn. The transaction was facilitated by Shaun Riney, Andrew Bronsteen, and Jason Farese from Marcus & Millichap acting as the brokers in this deal.

Players

Andrew Bronsteen

Marcus & Millichap

Broker

$280.8M

vol

68 deals

Broker
Shaun Riney
Verified Badge

Shaun Riney

Marcus & Millichap

Broker

$1.9B

vol

374 deals

Broker

Benji Kohn

Brooklyn Standard

Seller

$15.1M

vol

2 deals

Seller

Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.85%

Cash-on-Cash

-1.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93