Updated Sep 2, 2026
SOLDMultiFamily
51-Unit Multifamily Asset At 59 Bogart Street Sold For $30 Million In Brooklyn
59 Bogart Street
$30,000,000
$563/SF
Building Size
53,200 SF
Asset Type
MultiFamily
Closing
Aug 11, 2026
About this deal
AI
This multi-family asset is located at 59 Bogart Street in Brooklyn, featuring 51 units with a total square footage of 53,200. The sale transaction was completed for $30,000,000, translating to a price per unit of $588,235 and a price per square foot of $563. The property was converted to loft apartments in 2005 and is situated above the Morgan Avenue L Train Station, benefiting from being fully free market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $30,000,000
- Units: 51
- Square Footage: 53,200
- Price per Unit: $588,235
- Price per Square Foot: $563
- Market: Brooklyn
The transaction was facilitated by brokers Robert Shapiro, Ian Brooks, Nicholas Kontos, and David Garcia from CBRE. The demand for this asset was notably high as investors are increasingly seeking free market, value-add properties in emerging neighborhoods, confirming its appeal in the current real estate climate.
Players
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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93