RXR Realty Acquires Mixed-Use Property In DUMBO For $220M
SOLD
$220,000,000
New York
See Similar DealsMixed-use1,133,899 SF
Sold 01/01/2022
SOLD
RXR Realty Acquires Mixed-Use Property In DUMBO For $220M
85 Jay Street, Brooklyn, New York 11201, United States
See Similar DealsMixed-use1,133,899 SF
Sold 01/01/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$194
Total Square Footage:1,133,899 SF
Transaction Type:Sale
A mixed-use property located at 85 Jay St. in DUMBO has been sold for $220,000,000. The property spans over 1,133,899 square feet and includes 320 units. The transaction took place in January 2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $220,000,000
- Address: 85 Jay St.
- Market: DUMBO
- Buyer: @RXR_Realty
- Seller: @CIMGroup & @LIVWRK
- Square Footage: 1,133,899
- Units: 320
The buyer of the property is @RXR_Realty, while the sellers are @CIMGroup and @LIVWRK. The deal involved key individuals including Michael Maturo, Scott Rechler, Shaul Kuba, and Asher Abhesera.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,733,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$781,613.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,042,912.24
Annual Debt Service$12,514,946.87
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