Updated Jan 28, 2025
Clipper Realty Acquires Multifamily Property In East Flatbush For $329M
1403 New York Ave, Brooklyn, NY 11210, USA
$329,000,000
$411,250/SF
Building Size
800 SF
Asset Type
MultiFamily
Closing
May 11, 2020
About this deal
AI
A multifamily property located at 1403 New York Ave in East Flatbush has been involved in a closed transaction. The property consists of 2,500 units and is owned by Clipper Realty.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $329,000,000
- Loan Amount: $329,000,000
- Loan Terms: 12 years
- Lender: New York Community Bank
- Landlord: Clipper Realty
- Units: 2,500
New York Community Bank provided a loan of $329,000,000 for a period of 12 years. The transaction involved Clipper Realty as the landlord.
On the Map
$329,000,000
$411,250/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93