Updated Jul 8, 2025
Darren Smith Of Smith & Henzy Affordable Group Acquires 287-Unit Building In Brooklyn For $68.4M
Chauncey Street Bedford
$68,400,000
$246/SF
Building Size
277,200 SF
Asset Type
MultiFamily
Closing
Jun 24, 2025
About this deal
AI
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.
On the Map
$68,400,000
$246/SF
MultiFamily
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Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93