Prana Investments Acquires Wakefield Multifamily For $7.3M

The multifamily property located at 655 East 228th Street in Wakefield has been sold for a total price of $7,275,000. The property, situated on a lot size of 11,452 square feet with dimensions of 100 feet by 114.42 feet, features a building with a total gross square footage (BSF) of 12,597. The price per BSF (PPBSF) is approximately $577, while the property's total square footage (SF) amounts to 47,411, resulting in a price per square foot (PPSF) of around $153. The property consists of 50 units, with an average price per unit (PPU) of $146,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $7,275,000
• Market: Wakefield
• Zoning: R5A

The buyer in this transaction is Prana Investments, represented by Richard Herman. On the other hand, Robert Miller and Daniel Lars Satterwhite act as the sellers. The property's floor area ratio (FAR) is 4.14, while its tax class is classified as Class 2. Additionally, permits for alteration type 3 were issued on August 24, 2017. These details provide further insights into the key individuals and companies involved in the deal.