Updated May 29, 2026
Cohen Family Purchases Multifamily Property From Byrne Family For $4 Million In Brooklyn
585 3rd Street
$4,000,000
$1,000/SF
Building Size
4,000 SF
Asset Type
MultiFamily
Closing
May 18, 2026
About this deal
AI
The property asset involved in this transaction is a MultiFamily unit located at 585 3rd Street in the Brooklyn market. The transaction was completed with a sale price of $4,000,000, encompassing a total square footage of 4,000, which equates to a price per square foot of $1,000.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $4,000,000
- Address: 585 3rd Street
- Market: Brooklyn
- Square Footage: 4,000
- Price per Square Foot: $1,000
- Buyer: Cohen Family
- Seller: Byrne Family
- Broker: Michael Sherman - Baseline Real Estate Advisors
This deal involved the Cohen Family as the buyer and the Byrne Family as the seller, facilitated by broker Michael Sherman from Baseline Real Estate Advisors. The successful completion of this transaction highlights the involvement of key stakeholders in the real estate market in Brooklyn.
On the Map
$4,000,000
$1,000/SF
MultiFamily
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Brooklyn 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93