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31 Brooklyn Avenue, Brookly...

Cheskie Weisz & Yaakov Klein Refinance Multifamily Property In Crown Heights For $22.75M With Peapack Gladstone Bank
FINANCEDMultiFamily

Cheskie Weisz & Yaakov Klein Refinance Multifamily Property In Crown Heights For $22.75M With Peapack Gladstone Bank

31 Brooklyn Avenue, Brooklyn, New York 11203, United States

$22,750,000

$437/SF

Building Size

52,000 SF

Asset Type

MultiFamily

Closing

Mar 10, 2022

AI

A multifamily property located at 31 Brooklyn Ave in Crown Heights has recently undergone a refinancing transaction. The property spans approximately 52,000 square feet and consists of 49 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,750,000
  • Address: 31 Brooklyn Ave
  • Market: Crown Heights
  • Loan Type: Refinance

The refinancing deal was facilitated by Vincent Spero, Doug Joyce, and Doug Kennedy from Peapack Gladstone Bank, who acted as the lenders. Cheskie Weisz and Yaakov Klein served as the landlords of the property.

The transaction was handled by Leah Paskus and Michael Wittow from Landstone Capital, who acted as the brokers in this deal.

Players

Leah Paskus

Landstone Capital Group

Broker

$3.6B

vol

36 deals

Broker
Peapack Gladstone Bank
Peapack Gladstone BankLender
Cheskie Weisz

Cheskie Weisz

CW Realty

Landlord

$496.8M

vol

18 deals

Landlord

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

0.70%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93