Brooklyn Multifamily Property Sells for $2.8M in Off-Market Deal

Eric Orlofsky purchases 110 Calyer Street from Eleanor & Thomas Ryan with the help of brokers Mike Salvatico and Shaun Riney.

By on Jul 11, 2018
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Brooklyn Multifamily Property Sells for $2.8M in Off-Market Deal

Eric Orlofsky has made a significant investment in the Brooklyn real estate market with the acquisition of 110 Calyer Street. The multifamily property was sold in an off-market transaction for $2,825,000, with brokers Mike Salvatico and Shaun Riney of New York Multifamily facilitating the deal.

The property, which is located in the Greenpoint neighborhood of Brooklyn, features 7,500 square feet of space and sold for a price per square foot of $376. The building is a prime example of the type of property that is in high demand in the Brooklyn market, with its mix of residential units and commercial space.

The seller of the property was Eleanor & Thomas Ryan, who had owned the building for an undisclosed period of time. The sale represents a significant return on investment for the Ryans, who were able to capitalize on the strong demand for multifamily properties in the Brooklyn market.

For Orlofsky, the acquisition of 110 Calyer Street represents a strategic investment in one of the most desirable neighborhoods in Brooklyn. With its mix of residential and commercial space, the property is well-positioned to generate strong rental income for years to come.

Overall, the sale of 110 Calyer Street is a testament to the strength of the Brooklyn real estate market. With demand for multifamily properties continuing to rise, investors like Orlofsky are eager to capitalize on the opportunities that the market presents. And with the help of experienced brokers like Salvatico and Riney, these investors are able to navigate the complex world of commercial real estate with confidence and success.