Sterling Group Acquires Multifamily Portfolio In Sunset Park Brooklyn From Dalmazio & Hiller Families For $20M

The transaction involves a multifamily asset consisting of a portfolio of seven buildings located at 437 61st Street, 438 61st Street, 442 61st Street, 445 61st Street, 446 61st Street, 449 61st Street, and 450 61st Street in Sunset Park, Brooklyn. This closed transaction occurred on 08/30/2024 with a sale price of $20,000,000. The property encompasses 124 units with a price per unit of $161,290, covering a total square footage of 105,904 and a price per square foot of $188.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,000,000
• Units: 124
• Price per Unit: $161,290
• Square Footage: 105,904
• Price per Square Foot: $188
• Buyer: Sterling Group
• Brokers: John Brennan, Miles Davis-Bosch, Bryan Ellis - Marcus & Millichap, Aaron Jungreis, Ben Khakshoor & Alex Fuchs - Rosewood Realty Group

The deal was facilitated by several representatives. John Brennan, Miles Davis-Bosch, and Bryan Ellis were involved with Marcus & Millichap, while Aaron Jungreis, Ben Khakshoor, and Alex Fuchs represented the buyer through Rosewood Realty Group. The note from the buyer indicates that the portfolio was acquired at approximately an 8% cap rate and 6.5X rent roll, boasting new heating systems and no deferred maintenance, with considerable preferential upside across the 117 rent-stabilized units.