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Robert Rahmanian And Louis Adler Acquire Multifamily Property In Brooklyn For $2.3M

16 Stanhope Street
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This MultiFamily property located in NY was sold for $2,300,000 about 6 years ago. The brokers of the deal were Sean Lefkovits and Rami Polinsky

A multifamily property located at 16 Stanhope Street in Brooklyn, New York has been sold for a price of $2,300,000. The property spans approximately 8,500 square feet and has a price per square foot of $270. It consists of 8 units, making the price per unit around $287,000. The property has a capitalization rate of 4%.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,300,000
  • Location: 16 Stanhope Street, Brooklyn, New York
  • Market: Brooklyn

The buyers of this property are Robert Rahmanian and Louis Adler. The brokers involved in the deal are Sean Lefkovits and Rami Polinsky from HPNY.

The buyer plans to hold onto the property for the long term and sees potential for increased rental income. Currently, the average rent for the units is around $1,450, but the market rent after renovation is estimated to be $3,000. The buyer intends to fully renovate the free market units and raise the rents to match the market rates. One of the appealing factors of this property is its low taxes. It falls under tax class 2B, which has a cap on tax increases, thereby keeping the taxes low.

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Deals
  • Location
    16 Stanhope Street, Brooklyn, NY 11221, USA16 Stanhope Street, Brooklyn, NY 11221, USA
  • Sale Price
    $2,300,000$2,300,000
    $270 PPSF$270 PPSF
  • Area
    8,500 SF8,500 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    2 Brokers2 Brokers

Agents

Sean Lefkovits

Sean Lefkovits

Deals12
Financed$36.6M

Rami Polinsky

Rami Polinsky

Deals7
Sold$17.6M

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Deal Summary

DATE: 02/08/18 |SALE IMAGE: Sean Lefkovits, Robert Rahmanian and Louis Adler ADDRESS: 16 Stanhope Street CITY: New York MARKET: Brooklyn ASSET TYPE: Multfamily BUYER: Robert Rahmanian (@robr23) and Louis Adler (@Louadler) BROKER: Sean Lefkovits (@4lefko) and Rami Polinsky (@ramip5) of HPNY PRICE: $2,300,000 SF: 8,500 sf ~ PPSF: $270 UNITS: 8 ~ PPU: $287K CAP: 4% PLAY: Long term hold. Upside in rents. BROKER COMMENT: “Average rent was around $1450 and market rent is $3000 once renovated. 4RS and 4FM. Buyer plans to fully renovate the free market units and increase rents to market rents. The low taxes were a very strong appeal. It’s tax class 2B - There is a cap on increase in taxes, allowing taxes to remain low”

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16 Stanhope Street

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