Hareinu Chasdechu Purchases Multifamily Property From Rose Rienzo In Ridgewood For $1.6M

The asset involved in the transaction is a multifamily property located at 18-11 Grove Street in the Ridgewood market. The sale price of the property was $1,600,000, comprising 5 units. The total square footage of the asset is 4,500, resulting in a price per unit of $320,000 and a price per square foot of $355.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,600,000
• Units: 5
• Square Footage: 4,500
• Price per Unit: $320,000
• Price per Square Foot: $355
• Buyer: Hareinu Chasdechu
• Seller: Rose Rienzo
• Broker Representatives: Jakub Nowak & Matthew Rosenzweig - Marcus & Millichap

The deal was facilitated by Jakub Nowak and Matthew Rosenzweig from Marcus & Millichap, who successfully generated eleven offers within the first month on the market. This competitive process aided the seller in achieving a successful closing despite the income constraints of the property.