Spencer Equity Acquires Mixed-Use Property In Brooklyn For $50M
SOLD
$50,000,000
New York
See Similar DealsMixed-use459,730 SF
Sold 07/30/2018
SOLD
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
See Similar DealsMixed-use459,730 SF
Sold 07/30/2018
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$108
Total Square Footage:459,730 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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