Updated Dec 18, 2023
Joseph Choi Acquires Multifamily Property On Lafayette Avenue For $6M
568 Lafayette Ave, Brooklyn, NY 11205, USA
$6,000,000
$702/SF
Building Size
8,542 SF
Asset Type
MultiFamily
Closing
Mar 4, 2020
About this deal
AI
The multifamily property located at 568 Lafayette Avenue in Bedford-Stuyvesant, Brooklyn has been sold for a price of $6,000,000. The property spans a total of 8,542 square feet, resulting in a price per square foot of $702. It consists of 10 units, with an average price per unit of $600,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,000,000
- Square Footage: 8,542 sqft
- Price per Square Foot: $702
- Number of Units: 10
- Price per Unit: $600,000
The seller of the property was Chaim Wurzeberger, while the buyer was Joseph Choi. The deal was facilitated by the following brokers: Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila from Bestreich Realty Group.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93