Slavko Andjelovic Acquires Multifamily Property From Tolomeo Family For $1.025M In Ridgewood

A MultiFamily asset located at 64-24 Madison Street in the Ridgewood market was sold for $1,025,000. This property features 6 units, with a price per unit of $170,833. The total square footage of the building is 5,814, resulting in a price per square foot of $176.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $1,025,000
• Address: 64-24 Madison Street
• Market: Ridgewood
• Units: 6
• Price Per Unit: $170,833
• Square Footage: 5,814
• Price Per Square Foot: $176
• Buyer: Slavko Andjelovic
• Seller: Tolomeo Family
• Broker: Etan Hakimi - Mitra Hakimi Realty Group

The property was a rent-stabilized building owned by the same family for over half a century. At the time of closing, 4 out of the 6 units were delivered vacant. Mitra Hakimi Realty Group developed a strategic and marketing plan for the sellers, successfully completing the sale within 60 days.