KKR Acquires Multifamily Property On Lexington Ave. For $17M
SOLD
$17,000,000
New York
See Similar DealsMultiFamily2,858 SF
Sold 10/09/2020
SOLD
KKR Acquires Multifamily Property On Lexington Ave. For $17M
1-11 Lexington Ave, Clinton
See Similar DealsMultiFamily2,858 SF
Sold 10/09/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$5,948
Total Square Footage:2,858 SF
Transaction Type:Sale
The multifamily property located at 1-11 Lexington Ave. in Clinton Hill, Brooklyn has been sold. The transaction took place on 10/09/2020, with KKR acquiring the property from Joseph Brunner. The property is zoned as R6B and falls within the Clinton Hill market.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $17,000,000
- Last Sale Price: $6,175,000 (2/2012)
KKR, a prominent buyer in the real estate market, was represented by Daniel Rudin & Henry Kravis. On the other hand, Joseph Brunner acted as the seller in this transaction. The property had previously been sold for a price of $6,175,000 in February 2012.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$60,397.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,588.67
Annual Debt Service$967,064.08
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