Updated Oct 29, 2024
Matt Lesser And Ravi Kantha Purchase MultiFamily Property In Brooklyn For $58M
1 Orange St, Brooklyn, NY, 11201
$58,000,000
$654/SF
Building Size
88,610 SF
Asset Type
MultiFamily
Closing
Aug 31, 2017
About this deal
AI
The property involved in this transaction is a 97-unit multi-family building located at 1 Orange St, Brooklyn, NY, 11201. The building encompasses 88,610 square feet and was sold for $58,000,000. The transaction took place in the Brooklyn market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $58,000,000.00
- Address: 1 Orange St, Brooklyn, NY, 11201
- Square Footage: 88,610
- Seller: Jehovah’s Witnesses
- Buyer's Representatives: Matthew "Matt" Lesser and Ravi Kantha from Leslie Garfield
This transaction marks another divestment by the Jehovah’s Witnesses from their real estate portfolio in Brooklyn. The deal also highlights the involvement of Hawkins Way Capital, a Los Angeles-based real estate investor, which has previously acquired other properties from the Jehovah’s Witnesses, including a building at 119 Columbia Heights for $18 million.
On the Map
$58,000,000
$654/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93