Meir Babaev, Andrew Levine, David Chase, Josh Lipton Acquire Newly Developed Mixed-Use Elevator Building In Brooklyn
456 Grand St, Brooklyn, NY 11211, USA
Building Size
75,000 SF
Asset Type
Mixed-use
Closing
Nov 28, 2020
AI
The property involved in this closed transaction is a newly developed mixed-use elevator building located at 456 Grand Street in Brooklyn, New York. The building spans a total of 75,000 square feet, with 57,500 square feet above grade and an additional 17,500 square feet below grade for the parking garage. The transaction price for this property was $43,000,000, resulting in a price per square foot of $747. The building consists of 55 units, including 52 residential units and 2 commercial units.
Summary of transaction details
- Property Type: Newly Developed Mixed-Use Elevator Building
- Transaction Amount: $43,000,000
- Address: 456 Grand Street, Brooklyn, New York
- Market: Brooklyn
- Square Footage: 75,000 sf (57,500 sf above grade, 17,500 sf below grade parking garage)
- Price per Square Foot: $747
- Units: 55 (52 residential units, 2 commercial units, ...)
The key individuals involved in this transaction include Meir Babaev, Andrew Levine, David Chase, Josh Lipton, Michelle Abramov, and Barry Rudofsky.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93