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Darren Smith Of Smith & Henzy Affordable Group Acquires 287-Unit Building In Brooklyn For $68.4M

Property Image
SOLD
$68,400,000

New York

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MultiFamily277,200 SF
Sold 06/24/2025
the dealdetailscomps
Property Image
SOLD

Darren Smith Of Smith & Henzy Affordable Group Acquires 287-Unit Building In Brooklyn For $68.4M

Chauncey Street Bedford

See Similar Deals
MultiFamily277,200 SF
Sold 06/24/2025
the dealdetailscomps

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$246
Total Square Footage:277,200 SF
Transaction Type:Sale

A 287-unit residential building located at 94-120 Chauncey Street in Bedford Stuyvesant, Brooklyn was involved in a sale. The transaction was completed at a sale price of $68,400,000, equating to approximately $247 per square foot. The total square footage of the property stands at 277,200.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $68,400,000
  • Buyer: Darren Smith - Smith & Henzy Affordable Group
  • Seller: Joseph Hoffman - Bushburg Properties
  • Market: Bedford Stuyvesant, Brooklyn

Darren Smith, representing Smith & Henzy Affordable Group, acquired the stake from Joseph Hoffman of Bushburg Properties. This transaction highlights the involvement of both parties in transferring ownership of the multifamily asset.

Players

BP
Bushburg Properties
SELLER
BP
Bushburg Properties
SELLER

Details

SOLD
IMAGE: Darren Smith DATE: 06/24/2025 ADDRESS: 94-120 Chauncey Street MARKET: Bedford Stuyvesant, Brooklyn ASSET TYPE: Multifamily BUYER: Darren Smith - Smith & Henzy Affordable Group SELLER: Joseph Hoffman - Bushburg Properties (@BushburgProperties) SALE PRICE: $68,400,000 SF: 277,200 ~ PPSF: $247 NOTE: Smith & Henzy Affordable Group acquired a stake valued at $68.4 million from Bushburg Properties in a 287-unit residential building at 94-120 Chauncey Street in Bed-Stuy, Brooklyn.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$243,010.75
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