EXR Leases 21,940 SF Multifamily Building In Crown Heights, Brooklyn
800 Empire Boulevard, Brooklyn, NY 11213
Building Size
21,940 SF
Asset Type
MultiFamily
Closing
Jun 15, 2020
AI
An apartment rental building located at 800 Empire Boulevard in the Crown Heights neighborhood of Brooklyn has been leased by Platine Property Management. The multifamily property spans a total of 21,940 square feet. The lease was secured by EXR, a leading real estate firm in New York City. The asking rent for the property was $54 per square foot, resulting in a blended rental rate.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Date: 06/15/2021
- Address: 800 Empire Boulevard
- Market: Crown Heights, Brooklyn
- Landlord: Platine Property Management
- Brokers: John Le Vine, Sam Rubin, Mario M. Faggiano, Arch Rowan, and Yosef Friedman from EXR
- Asking Rent: $54/ft. (Blended)
- Square Footage: 21,940
EXR, known for providing exceptional pre-development services, architectural advisory, pricing, market analyses, branding, creative marketing, and leasing expertise, successfully leased this property. In the past three months alone, EXR has leased over 2,000 apartments and introduced 500 new development units to the market. For pre and new development services, EXR can be reached at 718-690-7868. Commercial brokerage inquiries can be directed to 718-865-3127, and rental brokerage inquiries should contact 718-568-8353.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Lease 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