Updated Feb 28, 2025
Elie Fouerti Refinances 189-Unit Multifamily Building In Coney Island With Goldman Sachs For $74.8M
2971 Shell Road
$74,800,000
$338/SF
Building Size
220,730 SF
Asset Type
MultiFamily
Closing
Feb 24, 2025
About this deal
AI
The asset involved in this transaction is a multifamily residential building located at 2971 Shell Road in Coney Island, Brooklyn. The property encompasses a total square footage of 220,730 and comprises 189 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $74,800,000
- Address: 2971 Shell Road
- Market: Coney Island, Brooklyn
- Lender: Goldman Sachs
- Landlord: Elie Fouerti
- Loan Type: Refinance
The refinance of the property was executed by Elie Fouerti, who is also the landlord of the multifamily asset. Goldman Sachs served as the lender facilitating this transaction.
On the Map
$74,800,000
$338/SF
MultiFamily
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Players
Brooklyn 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93