JLL Acquires Hotel & Residential Property In Downtown Brooklyn For $90M
85 Flatbush Avenue Extension
$90,000,000
$576/SF
Building Size
156,115 SF
Asset Type
Mixed-use
Closing
Nov 9, 2022
AI
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
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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93