Martin Joseph Acquires Multifamily Property On Lafayette Avenue In Bedford-Stuyvesant For $3M

Located at 640 Lafayette Avenue in Bedford-Stuyvesant, Brooklyn, this multifamily property was recently sold in a closed transaction. The property features a total building square footage (BSF) of 5,500, with a price per BSF of $545. The total lot size is 2,750 square feet and the lot dimensions are 27.5 feet by 100 feet. The sale price for this property was $3,000,000, with a price per square foot (PPSF) of $419. The property falls under the R6B zoning category and has a floor area ratio (FAR) of 2.60. Its tax class is 2. An alteration permit was obtained on April 22, 2020.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,000,000
• Market: Bedford-Stuyvesant, Brooklyn
• Buyer: Martin Joseph
• Seller: Gross & Gertner Associates, Inc

Martin Joseph was the buyer in this transaction, while Gross & Gertner Associates, Inc acted as the seller. The deal was closed on December 23, 2021. The property's square footage is 7,150, with a price per square foot of $419. The permits obtained for this property include an alteration permit. The property is situated in an area with a lot of 27.5 feet by 100 feet. The transaction showcases the real estate activity in the Bedford-Stuyvesant market, with a property that offers potential for development or investment.