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JLL Acquires Hotel & Residential Property In Downtown Brooklyn For $90M

Property Image
SOLD
$90,000,000

New York

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Mixed-use156,115 SF
Sold 11/09/2022
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Property Image
SOLD

JLL Acquires Hotel & Residential Property In Downtown Brooklyn For $90M

85 Flatbush Avenue Extension

See Similar Deals
Mixed-use156,115 SF
Sold 11/09/2022
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$576
Total Square Footage:156,115 SF
Transaction Type:Sale

The property at 85 Flatbush Ave Ext in Downtown Brooklyn has been sold. The transaction was facilitated by brokers Jeff Davis, KC Patel, and Steven Rutman from JLL. The sale price for the property was $90,000,000. The property consists of a hotel and residential units with a total square footage of 156,115. The price per square foot for the property is $576.

Summary of transation details

  • Property Type: Hotel & Residential
  • Transaction Amount: $90,000,000
  • Address: 85 Flatbush Ave Ext
  • Market: Downtown Brooklyn
  • Brokers: Jeff Davis, KC Patel & Steven Rutman - JLL
  • Square Footage: 156,115
  • Price per Square Foot: $576

The sale of the property at 85 Flatbush Ave Ext was overseen by brokers Jeff Davis, KC Patel, and Steven Rutman from JLL. Their expertise in the Downtown Brooklyn market helped facilitate the successful transaction of this hotel and residential property. Through their efforts, the property was sold for a substantial amount, demonstrating the strong demand for real estate in the area.

Players

Steven Rutman
66 deals$8.8B volume
BROKER

Jeff Davis
Eastdil Secured
10 deals$1.6B volume
BROKER

KC Patel
JLL
3 deals$193.5M volume
BROKER

Details

SOLD
IMAGE: Jeff Davis, KC Patel & Steven Rutman DATE: 11/09/2022 ADDRESS: 85 Flatbush Ave Ext MARKET: Downtown Brooklyn ASSET TYPE: Hotel & Residential BROKERS: Jeff Davis, KC Patel & Steven Rutman (@StevenRutman) - JLL SALE PRICE: $90,000,000 SF: 156,115 ~ PPSF: $576

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

$4,800,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$319,750.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$426,645.92
Annual Debt Service$5,119,750.99