The Peters Team at Marcus & Millichap is proud to announce the closing of a multifamily property located at 1106 Bushwick Avenue in Bushwick, Brooklyn. The property was sold for a price of $1,700,000 on 02/18/2021. It consists of 8 units with a total square footage of 3,200 and has a zoning classification of R6. The sale price per unit is $212,500, and the price per square foot is $531. The capitalization rate for this transaction is 6.06%.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,700,000
• Address: 1106 Bushwick Ave.
• Market: Bushwick, Brooklyn
• Units: 8
• Square Footage: 3,200
• Price per Unit: $212,500
• Price per Square Foot: $531
• Zoning: R6

The buyer for this property is Moshe Silberstein, and the seller is Lenny Wiggins. The transaction was facilitated by the brokers Matthew Peters and Jordan Fessler from Marcus & Millichap. The legal counsel for the deal was provided by Siminou Law.

Note from @Peters_Team_RE: The property was originally configured as a mixed-use building, but it was converted into an 8-unit residential building in the 1980s. The units consist of 6 one-bedroom apartments and 2 studio apartments. The smaller units proved to be more attractive to renters during the COVID-19 pandemic, resulting in over 15 written offers within the first 30 days of marketing. This high demand allowed the property to achieve a local price record of $531 per square foot.

If you have any questions or are interested in similar deals in the real estate market, you can contact Matthew Peters at [email protected] or (718) 475-4391, and Jordan Fessler at [email protected] or (718) 475 4395.