Akelius Real Estate Management Acquires Mix Of Rent-Stabilized And Free-Market Apartments In Brooklyn For $35.45M
SOLD
$35,450,000
New York
See Similar DealsMixed-use
Sold 12/14/2017
SOLD
Akelius Real Estate Management Acquires Mix Of Rent-Stabilized And Free-Market Apartments In Brooklyn For $35.45M
409-421 14th Street, Brooklyn, NY, USA
See Similar DealsMixed-use
Sold 12/14/2017
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Sale
The sale of a property in New York City's Brooklyn neighborhood recently closed for a total price of $35,450,000. The property, located at 409-421 14th Street and 181 and 182 Prospect Park West, consists of a mix of rent-stabilized and free-market apartments. The transaction took place on December 14, 2017.
Summary of transation details
- Property Type: Mix of rent-stabilized and free-market apartments
- Transaction Amount: $35,450,000
- Units: 78 total (34 at 409-421 14th Street and 44 at 181 and 182 Prospect Park West)
The sellers, Deepak and Neera Raj, sold the property to Akelius Real Estate Management. The deal was facilitated by Greysteel, with Michael Stimler representing the buyer. This transaction represents a significant investment in the Brooklyn real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,890,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$125,946.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$168,051.09
Annual Debt Service$2,016,613.03
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