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Robert Li Acquires Mixed-Use Property In Williamsburg, Brooklyn For $25.5M

Property Image
SOLD
$25,500,000
Matt Fagella
Max Herzog
+ 6

New York

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Mixed-use18,980 SF
Sold 05/31/2022
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Property Image
SOLD

Robert Li Acquires Mixed-Use Property In Williamsburg, Brooklyn For $25.5M

658 Driggs Avenue, Brooklyn, New York 11211, United States

See Similar Deals
Mixed-use18,980 SF
Sold 05/31/2022
Matt Fagella
Max Herzog
+ 6
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$1,343
Total Square Footage:18,980 SF
Transaction Type:Sale

The mixed-use property located at 658 Driggs Ave. in Williamsburg, Brooklyn has been sold for a price of $25,500,000. The transaction took place on 05/31/2022. The property consists of 20 units, with an average price per unit of $1,275,000. It spans over a total area of 19,210 square feet, resulting in a price per square foot of $1,327.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $25,500,000
  • Units: 20
  • Price per Unit: $1,275,000
  • Total Area: 19,210 sqft
  • Price per Square Foot: $1,327
  • Market: Williamsburg, Brooklyn

The buyer of the property is Robert Li, while the seller is Mavik Capital. The transaction was facilitated by brokers Adam Spies, Adam Doneger, Dan O'Brien, and Caroline Hodes from Cushman & Wakefield.

Players

Adam Doneger
189 deals$50B volume(516) 317-7837
BROKER

Ethan Stanton
JLL
133 deals$6.1B volume(516) 790-7718
BROKER

Marko Kazanjian
Institutional Property Advisors
69 deals$5.2B volume
BROKER

Adam Spies
Newmark
260 deals$71.4B volume(212) 841-7500
BROKER

Caroline Hodes
Newmark
93 deals$1.8B volume(516) 263-9404
BROKER

Matt Fagella
JLL
11 deals$525.5M volume
BROKER

Max Herzog
Institutional Property Advisors
77 deals$5.3B volume(212) 430-5165
BROKER

Andrew Cohen
Institutional Property Advisors
41 deals$2.8B volume
BROKER

Daniel (Dan) O'Brien
Newmark
145 deals$4.6B volume(212) 698-5584
BROKER

The Corcoran Group
BROKERAGE


Details

SOLD
IMAGE: Adam Spies, Adam Doneger, Dan O'Brien, Caroline Hodes & Robert Li DATE: 05/31/2022 ADDRESS: 658 Driggs Ave. MARKET: Williamsburg, Brooklyn ASSET TYPE: Mixed-use BUYER: Robert Li SELLER: Mavik Capital BROKERS: Adam Spies, Adam Doneger (@ADoneger), Dan O'Brien & Caroline Hodes (@CarolineHodes) - Cushman & Wakefield (@CushWake) (@KingsAndQueensCapitalMarkets) SALE PRICE: $25,500,000 UNITS: 20 ~ PPU: $1,275,000 SF: 19,210 ~ PPSF: $1,327

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,360,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$90,596.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$120,883.01
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