AZ Capital Acquires Multifamily Property In Brooklyn From Gilman Management Corporation For $525,000

This multifamily property, located at 763 Putnam Avenue in Brooklyn, has a total of 6 units. The asset encompasses a square footage of 5,847 and sold for $525,000, resulting in a price per unit of $87,500 and a price per square foot of $89. The property is fully rent stabilized and is noted for its favorable cap rate of 4.6%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $525,000
• Units: 6
• Square Footage: 5,847
• Price Per Unit: $87,500
• Price Per Square Foot: $89
• Buyer: AZ Capital
• Seller: Gilman Management Corporation
• Broker: Zalman Yarmush - Yarmush Investment Group

Zalman Yarmush, representing Yarmush Investment Group, facilitated this transaction. This sale marks the second rent stabilized property sold this quarter at a below-market cap rate, indicating potential opportunities in the multifamily segment. Interested parties are encouraged to reach out for similar asset transactions.