Updated Oct 28, 2024
Shlomo Karpen & Joe Landau Acquire Multifamily Property In Bedford Stuyvesant, Brooklyn For $22.4M
902-908 Bedford Avenue, Brooklyn, NY, USA
$22,400,000
$393/SF
Building Size
56,990 SF
Asset Type
MultiFamily
Closing
Jun 15, 2020
About this deal
AI
Located at 902-908 Bedford Avenue in the Bedford Stuyvesant neighborhood of Brooklyn, this multifamily property was recently sold on June 15, 2021. The asset consists of a total of 44 units and spans over 56,990 square feet. The sale price for this transaction was recorded at $22,400,000, resulting in an average price per unit of $509,000 and a price per square foot of $417.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $22,400,000
- Units: 44
- Price per Unit: $509,000
- Square Footage: 56,990
- Price per Square Foot: $417
- Market: Bedford Stuyvesant, Brooklyn
The buyer for this transaction was Shlomo Karpen and Joe Landau, while Leon Goldstein of Slope Realty acted as the seller. The deal was facilitated by brokers Shaun Riney, Mark Zarrella, and Daniel Greenblatt from New York Multifamily and Marcus & Millichap. Their expertise and negotiation skills played a crucial role in the successful completion of this transaction.
On the Map
$22,400,000
$393/SF
MultiFamily
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New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93