Updated Oct 28, 2024
Midtown Equities & Bobby Cayre Acquire Multifamily Building In Brooklyn Heights For $65M Loan
200 Montague Street, Brooklyn Heights, Brooklyn, NY 11201, USA
$65,000,000
$461/SF
Building Size
141,000 SF
Asset Type
MultiFamily
Closing
Jul 27, 2021
About this deal
AI
The property involved in this transaction is a multifamily asset located at 200 Montague Street in Brooklyn Heights. It spans approximately 141,000 square feet and consists of 121 units. The market for this property is Brooklyn Heights, a highly sought-after neighborhood in Brooklyn.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Address: 200 Montague Street
- Market: Brooklyn Heights
- Square Footage: 141,000
- Units: 121
The lender in this transaction is Centennial Bank. The landlords involved are Midtown Equities and Bobby Cayre, along with Aurora Capital Associates. The brokers facilitating the deal are Scott Aiese and Alex Staikos from JLL.
This transaction involves a construction loan for the amount of $65,000,000.
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93