Spencer Equity Acquires Mixed-Use Property In Brooklyn For $50M
2911 W 36th St, Brooklyn, NY 11224, USA & 2911 W 36th St, Brooklyn, NY 11224, USA
$50,000,000
$108/SF
Building Size
229,865 SF
Asset Type
Mixed-use
Closing
Jul 29, 2018
About this deal
AI
The mixed-use property located at 2911 West 36th Street in Brooklyn, New York has been sold for a total price of $50,000,000. The property spans approximately 229,865 square feet, resulting in a price per square foot of $217. It consists of 250 units, with an average price per unit of $200,000.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $50,000,000
- Address: 2911 West 36th Street, Brooklyn, New York
- Market: Brooklyn
- Square Footage: 229,865 sf
- Price per Square Foot: $217
- Number of Units: 250
- Price per Unit: $200,000
The seller of the property was the Orbach Group, represented by Meyer Orbach. On the other hand, Spencer Equity, represented by Joel Gluck, acted as the buyer in this transaction.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93