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Ohana Real Estate Investors Acquires Hilton Brooklyn New York Condo And Retail Units For $110.5M
SOLD
$110,500,000
New York
See Similar DealsCondo148,000 SF
Sold 11/30/2023
SOLD
Ohana Real Estate Investors Acquires Hilton Brooklyn New York Condo And Retail Units For $110.5M
140 Schermerhorn Street
See Similar DealsCondo148,000 SF
Sold 11/30/2023
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$746
Total Square Footage:148,000 SF
Transaction Type:Sale
The property asset involved in this closed transaction is a condo located at 140 Schermerhorn Street in Boerum Hill, Brooklyn. The asset has a total square footage of 148,000 and was sold for a price of $110,500,000, resulting in a price per square foot of $747.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $110,500,000
- Address: 140 Schermerhorn Street
- Market: Boerum Hill, Brooklyn
The buyer in this transaction is Christopher Smith, representing Ohana Real Estate Investors through HB Propco LLC. The seller is Mick Walsdorf, representing Tidal Real Estate Partners. The deal involved two transactions, with Ohana Real Estate Investors acquiring the Hilton Brooklyn New York hotel condominium unit and three retail units in Boerum Hill, Brooklyn.
It is important to note that the total square footage of the acquired properties is 148,000 square feet, and the total transaction amount was $110.5 million.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,893,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$392,583.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$523,826.37
Annual Debt Service$6,285,916.49
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