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Elias Bergen Properties Acquires Multifamily Property From David & Laura Knopf For $4,999,999

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SOLD
$4,999,999

New York

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MultiFamily3,400 SF
Sold 08/27/2024
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Property Image
SOLD

Elias Bergen Properties Acquires Multifamily Property From David & Laura Knopf For $4,999,999

576 Bergen Street

See Similar Deals
MultiFamily3,400 SF
Sold 08/27/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$1,470
Total Square Footage:3,400 SF
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 576 Bergen Street in Brooklyn. It was sold for a price of $4,999,999. The asset comprises 2 units and has a total square footage of 3,400, resulting in a price per unit of $2,499,999 and a price per square foot of $1,470.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,999,999
  • Units: 2
  • Square Footage: 3,400
  • Price per Unit: $2,499,999
  • Price per Square Foot: $1,470
  • Buyer: Elias Bergen Properties
  • Seller: David & Laura Knopf
  • Buyer's Representative: Gerard Smith - Douglas Elliman
  • Seller's Representatives: Matt Lesser, Tori Landon & Michael Pinchasick - Leslie Garfield

The deal features significant representation, with Gerard Smith acting on behalf of the buyer, Elias Bergen Properties, while the sellers, David & Laura Knopf, are represented by a team of Matt Lesser, Tori Landon, and Michael Pinchasick from Leslie Garfield, indicating a collaborative effort in completing the transaction.

Players

Matthew "Matt" Lesser
40 deals$579.5M volume
BROKER

Tori Landon
Leslie Garfield
4 deals$32.1M volume(212) 574-6971
BROKER

Michael Pinchasick
Leslie Garfield
3 deals$26.7M volume(212) 574-6962
BROKER

Details

SOLD
IMAGE: Gerard Smith, Matt Lesser, Tori Landon & Michael Pinchasick DATE: 08/27/2024 ADDRESS: 576 Bergen Street MARKET: Brooklyn ASSET TYPE: Multifamily BUYER: Elias Bergen Properties SELLER: David & Laura Knopf BUYER'S REP: Gerard Smith - Douglas Elliman SELLER'S REP: Matt Lesser (@TheTownHouser), Tori Landon & Michael Pinchasick (@MichaelPinchasick)- Leslie Garfield (@LeslieJGarfield) SALE PRICE: $4,999,999 UNITS: 2 ~ PPU: $2,499,999 SF: 3,400 ~ PPSF: $1,470

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$266,666.61

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.55