Rockledge, represented by David Kaye, Joe Listhaus, Eli Greenberg, and Rami Polinsky of Rockledge, acquired a multifamily property located at 7201 Ridge Boulevard in Bay Ridge, Brooklyn. The property consists of 59 units with a total square footage of 46,200. The sale price for the property was $10,400,000, resulting in a price per unit of $176,271 and a price per square foot of $225.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,400,000
• Units: 59
• Price per Unit: $176,271
• Square Footage: 46,200
• Price per Square Foot: $225

Rockledge identified a clear value-add business plan for the property, considering their core strategy. It is worth noting that the property had over 180 violations and more than $500,000 in arrears at the time of purchase. Despite these challenges, Rockledge saw the potential in the property, given its sub 4.5% going-in cap rate and 18 current vacancies. If you have similar deals, you can contact Rami Polinsky at 201-669-1566 or [email protected], as well as Eli Greenberg at 646-675-7897 or [email protected].