Marcus & Millichap, Meridian Capital Group, And Mark Zarrella & Joe Koicim Sell Multifamily Property In South Slope, Brooklyn For $10.3M

The multifamily property located at 572 5th Ave. in South Slope, Brooklyn has been sold for a total of $10,275,000. The property spans across 18,872 square feet, resulting in a price per square foot of $544. This transaction took place on 05/10/2022.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,275,000
• Address: 572 5th Ave.
• Market: South Slope, Brooklyn

The sale of this property was facilitated by the brokers involved in the deal. Mark Zarrella, Joe Koicim, and Shaun Riney from Marcus & Millichap, along with Judah Hammer from Meridian Capital Group, represented the parties in this transaction.

It is worth mentioning that the property benefits from a 421A exemption, with 16 years remaining before it fully burns off in 2037. Judah Hammer of Meridian Capital Group successfully arranged financing for the purchaser at a sub-3.5% interest rate with multiple years I/O.