Mike Niamonitakis Acquires Multifamily Property In Bay Ridge, Brooklyn For $3.3M

Located in Bay Ridge, Brooklyn, the recently closed multifamily property transaction at 6902 Ridge Boulevard has been successfully completed. This property has a total of 39 units and spans across an impressive 33,699 square feet. The sale price for this asset was $3,300,000, resulting in a price per unit of $84,615. The price per square foot was calculated at $97, showcasing the market value of this property. With a capitalization rate of 3.01%, this transaction highlights the desirability and potential investment opportunity of the property.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,300,000
• Total Units: 39
• Price per Unit: $84,615
• Total Square Footage: 33,699
• Price per Square Foot: $97
• Capitalization Rate: 3.01%

The buyer in this transaction was Mike Niamonitakis, who saw great potential in this property. Representing the buyer in the deal were brokers Shaun Riney and Mark Zarrella from Marcus & Millichap. The expertise and negotiation skills of these brokers played a crucial role in facilitating the successful completion of this transaction. Their dedication and commitment reflect their professionalism in the real estate industry.