Updated Dec 20, 2023
Robert M Freeman Acquires Multifamily Property In Bedford-Stuyvesant For $3.5M
588 Madison Street, Brooklyn, New York 11221, United States
$3,532,000
$910/SF
Building Size
3,880 SF
Asset Type
MultiFamily
Closing
May 10, 2022
About this deal
AI
A multifamily property located at 588 Madison Street in Bedford-Stuyvesant, Brooklyn has been sold in a closed transaction. The property is zoned as R6B and has a total of 4,000 square feet of buildable space. The sale took place on 05/11/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,532,000
- Market: Bedford-Stuyvesant, Brooklyn
- Zoning: R6B
- Buyer: Robert M Freeman
- Seller: Charles R Aboah
- Building Square Footage (BSF): 4,000
- Price Per Buildable Square Foot (PPBSF): $883
- Land Square Footage (SF): 3,880
- Price Per Square Foot (PPSF): $910
- Floor Area Ratio (FAR): 1.94
- Tax Class: 1
- Lot Size: 2,000
- Last Sale Price: $2,610,000 (08/24/2016)
- Permits: Alteration 2 (07/23/2015)
- Lot Dimensions: 20 ft x 100 ft
Robert M Freeman represented the buyer in this transaction, while Charles R Aboah represented the seller.
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
4.49%
Cash-on-Cash
-1.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93