Updated Dec 4, 2024
TF Cornerstone Acquires Multifamily Property In Williamsburg For $35.5M
223 N 8th St, Brooklyn, NY 11211, USA
$33,000,000
$510/SF
Building Size
64,641 SF
Asset Type
MultiFamily
Closing
Mar 18, 2020
About this deal
AI
The multifamily property located at 223 N. 8th St. in Williamsburg recently underwent a closed transaction. The property spans over 64,641 square feet and comprises 95 units. TF Cornerstone serves as the landlord for this asset.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $35,500,000
- Loan Type: Acquisition
- Lender: Nationwide
- Brokers: Geoff Goldstein, Steven Klein, Ricky Song, and Joy Ryoo from JLL
JLL represented the buyer's interests in this deal, with Geoff Goldstein, Steven Klein, Ricky Song, and Joy Ryoo acting as their brokers. In addition, the loan for this acquisition was provided by Nationwide.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93