Updated Nov 4, 2026
Alicia Glen Of MSquared & Settlement Housing Fund Secures $49.6M Loan For 117-Unit Building
655 New York Avenue
$49,600,000
$533/SF
Building Size
92,934 SF
Asset Type
MultiFamily
Closing
Oct 8, 2026
About this deal
AI
A 117-unit residential building located at 655 New York Avenue, East Flatbush, Brooklyn, encompasses a total square footage of 92,934. This property is associated with a construction loan amounting to $49,600,000, which was secured for rehab construction purposes.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $49,600,000
- Address: 655 New York Avenue
- Market: East Flatbush, Brooklyn
- Lender: Citibank
- Landlord: Alicia Glen - MSquared & Settlement Housing Fund
- Loan Type: Construction
In this transaction, Alicia Glen represents MSquared and Settlement Housing Fund as the landlord, collaborating with Citibank to arrange a substantial rehabilitation construction loan through the NYC Housing Development Corporation for the residential property in question.
On the Map
$49,600,000
$533/SF
MultiFamily
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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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93