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456 Grand St, Brooklyn, NY ...

Meir Babaev, Andrew Levine, David Chase, Josh Lipton Acquire Newly Developed Mixed-Use Elevator Building In Brooklyn
SOLDMixed-use

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

David Chase

Broker

$11.3M

vol

2 deals

Broker

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