Allure Group Acquires Medical Office In Bay Ridge For $160M
9036 7th Avenue, Brooklyn, New York 11228, United States
$160,000,000
$901/SF
Building Size
177,455 SF
Asset Type
—
Closing
Jun 28, 2022
AI
A medical office located at 9036 7th Avenue in Bay Ridge has been sold for a staggering $160,000,000. The property, which was recently purchased, was part of a closed transaction.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $160,000,000
- Market: Bay Ridge
- Address: 9036 7th Avenue
Allure Group, represented by Joel Landau, acted as the buyer in this deal. On the other side, Leser Group, with Abraham Leser as their representative, served as the seller in the transaction.
This significant sale marks a major milestone in the Bay Ridge market, showcasing the growing interest in medical office properties in the area. It also highlights the involvement of respected individuals from Allure Group, represented by Joel Landau, and Leser Group, represented by Abraham Leser, in the transaction.
Players
New York CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93