Cheng Family Purchases Multifamily Property From Gerena Family In Greenwood Heights For $1.2M

This multifamily property is located at 648 6th Avenue in the Greenwood Heights neighborhood of Brooklyn. The sale price was $1,200,000, and the asset comprises 6 units with a price per unit of $200,000. The total square footage of the property is 3,862, resulting in a price per square foot of $310. The building sold fully occupied, indicating strong demand and consistent rental income.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,200,000
• Units: 6
• Price Per Unit: $200,000
• Square Feet: 3,862
• Price Per Square Foot: $310
• Buyer: Cheng Family
• Seller: Gerena Family
• Brokers: John Brennan & Bryan Ellis - Marcus & Millichap

The deal was facilitated by brokers John Brennan and Bryan Ellis, representing the seller and buyer, respectively. The transaction was notable for achieving a 6.22% cap rate, indicating a strong investment opportunity with potential for future income growth.