Shlomo Karpen & Joe Landau Acquire Multifamily Property In Bedford Stuyvesant, Brooklyn For $22.4M
SOLD
$22,400,000
+ 1
New York
See Similar DealsMultiFamily56,990 SF
Sold 06/15/2020
SOLD
Shlomo Karpen & Joe Landau Acquire Multifamily Property In Bedford Stuyvesant, Brooklyn For $22.4M
902-908 Bedford Avenue, Brooklyn, NY, USA
See Similar DealsMultiFamily56,990 SF
Sold 06/15/2020
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$393
Total Square Footage:56,990 SF
Transaction Type:Sale
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.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,194,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,582.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,187.43
Annual Debt Service$1,274,249.14
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