Bushwick Multifamily Property Sells for $1.5M in All-Rent Stabilized Deal
Jonathan Benbeniste purchases a 6-unit multifamily property in Bushwick from Bernard Hernandez for $1.5M with the help of brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila of Investment Property Realty Group.
In a recent deal, Jonathan Benbeniste has acquired a 6-unit multifamily property in Bushwick for $1.5M from Bernard Hernandez. The property, located at 1411 Dekalb Avenue, features 4,350 square feet of space and all units are rent stabilized. The sale was facilitated by brokers Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila of Investment Property Realty Group.
The sale price of 1.5M equates to a per unit price of 255,833 and a price per square foot of $353. The property is located in the Bushwick market, which has seen a surge in popularity in recent years due to its proximity to Manhattan and its vibrant arts and culture scene.
The buyer, Jonathan Benbeniste, is a seasoned real estate investor with a portfolio of properties throughout New York City. The seller, Bernard Hernandez, is a local investor who has owned the property for several years.
The brokers involved in the deal, Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila, are all experienced professionals with a deep understanding of the New York City real estate market. Investment Property Realty Group, the firm they work for, specializes in the sale of multifamily properties throughout the city.
Overall, this deal represents a solid investment opportunity in a popular and growing market. With all units rent stabilized, the property offers a stable source of income for the buyer, while the Bushwick market is poised for continued growth in the coming years.