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137 Bayard Street

The Multi Family property located in New York that spans 19,674 square feet sold for $17,800,000 or $905 PPSF. The deal closed 9 months and 24 days ago. The brokers of the deal were Manu Pohani, Pavan Uttam, Robert (Rob) Moore, DJ Johnston and Bryan Kirk

  • Location image 137 Bayard Street, Brooklyn, New York 11222, United States
  • Sold Value
    image $17,800,000
    image $905
  • Asset Type image Multi Family
  • Area image 19,674 SF
  • Parties image5 Brokers,1 Agency
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Manu Pohani

  • Deals 2
  • Volume $35,850,000
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Pavan Uttam

  • Deals 2
  • Volume $35,850,000
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Robert (Rob) Moore

B6 Real Estate Advisors
  • Deals 10
  • Volume $79,970,000
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DJ Johnston icon

B6 Real Estate Advisors
  • Deals 57
  • Volume $377,740,000
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Bryan Kirk

B6 Real Estate Advisors
  • Deals 14
  • Volume $85,320,000
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Comparables: 137 Bayard Street

Showing 4 of 67

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Price Icon $17,000,000

  • StatusSOLD, $708 PPSF
  • Date09/12/22
  • Address25 Lexington Avenue, Brooklyn, New York 11238, United States
  • Address25 Lexington...
  • AssetMULTI FAMILY
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Price Icon $18,000,000

  • StatusSOLD, $245 PPSF
  • Date07/15/22
  • Address22 Baltic Place, Croton-on-Hudson, New York 10520, United States
  • Address22 Baltic...
  • AssetMULTI FAMILY
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Price Icon $17,625,000

  • StatusSOLD, $245 PPSF
  • Date08/16/22
  • Address216 Macon Street, Brooklyn, New York 11216, United States
  • Address216 Macon...
  • AssetMULTI FAMILY
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Price Icon $18,370,000

  • StatusSOLD, $328 PPSF
  • Date08/03/22
  • Address442 Decatur Street, Brooklyn, New York 11233, United States
  • Address442 Decatur...
  • AssetMULTI FAMILY
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This Deal on Social

SALE
IMAGE: Rob Moore, Bryan Kirk, DJ Johnston, Pavan Uttam & Sidharth Lakhani
DATE: 12/15/2021
ADDRESS: 137 Bayard Street
MARKET: Greenpoint, Brooklyn
ASSET TYPE: Multifamily

BUYER: Sidharth Lakhani (@Sidharthl)
SELLER: Sol Feder
BUYER’S REP: Pavan Uttam (@PavanU70) & Manu Pohani – UP Real Estate Advisors
SELLER’S REP: DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk & Robert Moore – B6 Real Estate Advisors (@B6realestate)

SALE PRICE: $17,800,000
UNITS: 27 ~ PPU: $659,259
SF: 19,674 ~ PPSF: $904

NOTE FROM @B6realestate: B6 Real Estate Advisors has successfully sold 137 Bayard Street, a 27-unit rental building in Greenpoint, Brooklyn. This elevatored building was developed in 2018 and benefited from a 421a tax abatement, set to fully expire in 2031. As such, the building is 100% rent stabilized with no preferential rents. It can ultimately be converted to market upon tenant turnover after the abatement expires. The building was 100% occupied.

The sales price of $17,600,000 reflects a cap rate of 4.5% on unabated NOI, plus a 5.5% discount rate applied to the tax savings over the remaining term of the abatement. The price per SF is $895 & the price per unit is $650,000.

The developer & architect deserve serious credit for building such an efficient building. There was very little loss factor, meaning every square foot of the building was maximized to generate income. The basement offered a lounge & gym, while the top floor incorporated an indoor / outdoor common room that was functional & private. The rear yard offered outdoor parking & the roof provided both private & common outdoor space.

We at B6 have become experts in marketing & valuing tax abated multifamily buildings in NYC. If you own a property with a tax abatement, please reach out for our thoughts on how it gets valued, & how you can maximize its appeal to the market.

DJ Johnston
djohnston@b6realestate.com
914-584-7422

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SALE
IMAGE: Rob Moore, Bryan Kirk, DJ Johnston, Pavan Uttam & Sidharth Lakhani
DATE: 12/15/2021
ADDRESS: 137 Bayard Street
MARKET: Greenpoint, Brooklyn
ASSET TYPE: Multifamily

BUYER: Sidharth Lakhani (@Sidharthl)
SELLER: Sol Feder
BUYER’S REP: Pavan Uttam (@PavanU70) & Manu Pohani – UP Real Estate Advisors
SELLER’S REP: DJ Johnston (@B6RealEstate_JohnstonTeam), Bryan Kirk & Robert Moore – B6 Real Estate Advisors (@B6realestate)

SALE PRICE: $17,800,000
UNITS: 27 ~ PPU: $659,259
SF: 19,674 ~ PPSF: $904

NOTE FROM @B6realestate: B6 Real Estate Advisors has successfully sold 137 Bayard Street, a 27-unit rental building in Greenpoint, Brooklyn. This elevatored building was developed in 2018 and benefited from a 421a tax abatement, set to fully expire in 2031. As such, the building is 100% rent stabilized with no preferential rents. It can ultimately be converted to market upon tenant turnover after the abatement expires. The building was 100% occupied.

The sales price of $17,600,000 reflects a cap rate of 4.5% on unabated NOI, plus a 5.5% discount rate applied to the tax savings over the remaining term of the abatement. The price per SF is $895 & the price per unit is $650,000.

The developer & architect deserve serious credit for building such an efficient building. There was very little loss factor, meaning every square foot of the building was maximized to generate income. The basement offered a lounge & gym, while the top floor incorporated an indoor / outdoor common room that was functional & private. The rear yard offered outdoor parking & the roof provided both private & common outdoor space.

We at B6 have become experts in marketing & valuing tax abated multifamily buildings in NYC. If you own a property with a tax abatement, please reach out for our thoughts on how it gets valued, & how you can maximize its appeal to the market.

DJ Johnston
djohnston@b6realestate.com
914-584-7422

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Contact Manu Pohani

Robert Moore is a Director of Investment Sales at B6 Real Estate Advisors, specializing in the sale of multifamily, retail...

Mr. Johnston is a Partner, Senior Managing Directors at B6 Real Estate Advisors, where he oversees investment sales in Brooklyn’s...

Mr. Kirk is a Director at B6 Real Estate Advisors, where he works alongside Robert Moore, Director, focusing on investment...

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