The Massotto Family Acquires Multifamily Property In Brooklyn Heights For $5.3M

A multifamily property located at 68 Middagh Street in Brooklyn Heights has been sold. The property consists of 10 units and spans a total area of 9,156 square feet. The sale price for the property was $5,300,000, resulting in a price per unit of $530,000. The price per square foot equates to $579, and the capitalization rate is 4.3%. The transaction took place on October 18, 2021.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,300,000
• Address: 68 Middagh Street
• Market: Brooklyn Heights
• Units: 10
• Price per Unit: $530,000
• Total Square Footage: 9,156
• Price per Square Foot: $579
• Capitalization Rate: 4.3%

The property was purchased by The Massotto Family and sold by The Holman Family. The deal was facilitated by brokers Shaun Riney, Mike Salvatico, and Robbie Ferman from New York Multifamily, which is associated with Marcus & Millichap in New York. Stephen Siminou acted as the seller's attorney during the transaction.

It is worth noting that the property was acquired by the purchaser as part of a 1031 Exchange. The transaction proceeded smoothly and quickly, with the property being sold on an "As-Is" basis and the buyer providing an all-cash payment.