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244 Madison Street

The Multi Family property located in New York that spans 8,500 square feet sold for $4,050,000 or $476 PPSF. The deal closed 9 months and 10 days ago. The broker of the deal was DJ Johnston

  • Location image 244 Madison Street, Brooklyn, New York 11216, United States
  • Sold Value
    image $4,050,000
    image $476
  • Asset Type image Multi Family
  • Area image 8,500 SF
  • Parties image1 Broker,1 Agency
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DJ Johnston icon

B6 Real Estate Advisors
  • Deals 57
  • Volume $377,740,000
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Comparables: 244 Madison Street

Showing 4 of 279

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Price Icon $4,425,000

  • StatusSOLD, $738 PPSF
  • Date09/01/22
  • Address327 Henry Street, Brooklyn, New York 11201, United States
  • Address327 Henry...
  • AssetMULTI FAMILY
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Price Icon $3,785,000

  • StatusSOLD, $421 PPSF
  • Date09/23/22
  • Address321 Malcolm X Boulevard, Brooklyn, New York 11233, United States
  • Address321 Malcolm...
  • AssetMULTI FAMILY
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Price Icon $3,950,000

  • StatusSOLD, $145 PPSF
  • Date09/09/22
  • Address604 Warburton Avenue, Yonkers, New York 10701, United States
  • Address604 Warburton...
  • AssetMULTI FAMILY
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Price Icon $4,550,000

  • StatusSOLD, $465 PPSF
  • Date09/23/22
  • Address515 West 48th Street, New York City, New York 10019, United States
  • Address515 West...
  • AssetMULTI FAMILY
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This Deal on Social

SALE
IMAGE: DJ Johnston
DATE: 12/30/2021
ADDRESS: 244 Madison Street
MARKET: Bedford-Stuyvesant, Brooklyn
ASSET TYPE: Multifamily

BUYER: Ronen Ben-Josef
SELLER: Matthew Wright
BROKER: DJ Johnston (@B6RealEstate_JohnstonTeam) – B6 Real Estate Advisors

SALE PRICE: $4,050,000
UNITS: 8 ~ PPU: $506,250
SF: 8,500 ~ PPSF: $476

NOTE FROM BROKER: The Johnston Team has successfully sold 244 Madison Street, a vacant 8-unit rental building in Bed-Stuy, Brooklyn. This walk-up building was 28’ wide & 82’ deep, offering middle & rear air shafts with large 3-bedroom layouts. The building was renovated in 2012, but certainly needed a face-lift. The basement was large & unused, offering the buyer an opportunity to duplex or convert to common / storage space.

The sales price of $4,050,000 reflects a cap rate of roughly 5% on current condition NOI, with the ability to increase returns via improvements. The price per SF is $475 & the price per unit is $500,000.

Our team has sold nearly 300 properties in the Bed-Stuy, Bushwick, & Crown Heights neighborhoods, & we help 100’s of owners ever year plan for the future in the way of free property valuations & research reports. If you own a property in this submarket, please don’t hesitate to leverage our experience so you can approach 2022 with confidence.

Best,
DJ – 914-584-7422
djohnston@b6realestate.com

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SALE
IMAGE: DJ Johnston
DATE: 12/30/2021
ADDRESS: 244 Madison Street
MARKET: Bedford-Stuyvesant, Brooklyn
ASSET TYPE: Multifamily

BUYER: Ronen Ben-Josef
SELLER: Matthew Wright
BROKER: DJ Johnston (@B6RealEstate_JohnstonTeam) – B6 Real Estate Advisors

SALE PRICE: $4,050,000
UNITS: 8 ~ PPU: $506,250
SF: 8,500 ~ PPSF: $476

NOTE FROM BROKER: The Johnston Team has successfully sold 244 Madison Street, a vacant 8-unit rental building in Bed-Stuy, Brooklyn. This walk-up building was 28’ wide & 82’ deep, offering middle & rear air shafts with large 3-bedroom layouts. The building was renovated in 2012, but certainly needed a face-lift. The basement was large & unused, offering the buyer an opportunity to duplex or convert to common / storage space.

The sales price of $4,050,000 reflects a cap rate of roughly 5% on current condition NOI, with the ability to increase returns via improvements. The price per SF is $475 & the price per unit is $500,000.

Our team has sold nearly 300 properties in the Bed-Stuy, Bushwick, & Crown Heights neighborhoods, & we help 100’s of owners ever year plan for the future in the way of free property valuations & research reports. If you own a property in this submarket, please don’t hesitate to leverage our experience so you can approach 2022 with confidence.

Best,
DJ – 914-584-7422
djohnston@b6realestate.com

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Contact DJ Johnston

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

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