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
$35,450,000
Units
78
Asset Type
Mixed-use
Closing
Dec 13, 2017
About this deal
AI
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.
Players
Brooklyn 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93