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Marcus & Millichap Brokers Shaun Riney, Michael Salvatico, And Samuel Leppo Acquire Vacant Multifamily Property In Williamsburg, Brooklyn For $13.8M

Property Image
SOLD
$13,800,000
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney
+ 1

New York

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MultiFamily47,626 SF
Sold 01/26/2024
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Brokers Shaun Riney, Michael Salvatico, And Samuel Leppo Acquire Vacant Multifamily Property In Williamsburg, Brooklyn For $13.8M

101 South 6th Street & 109 South 6th Street

See Similar Deals
MultiFamily47,626 SF
Sold 01/26/2024
Samuel (Sam) Leppo
Michael (Mike) Salvatico
Shaun Riney
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$289
Total Square Footage:47,626 SF
Transaction Type:Sale

The multifamily property located at 101-109 South 6th Street in Williamsburg, Brooklyn has been sold for a price of $13,800,000. The property spans across 23,813 square feet, resulting in a price per square foot of $580.

Summary of transaction details

Delivered vacant, this former opera house serves as an excellent development opportunity. For similar creative acquisitions, interested parties are encouraged to get in touch with the deal team. Additionally, the deal team at Marcus & Millichap is currently marketing a condo tower with approved plans on the Greenpoint Waterfront and a 365,000 buildable square feet site in Downtown Brooklyn, both offering promising development prospects. For more information, contact Shaun Riney at 718-475-4369 or Mike Salvatico at 718-475-4358.

Players

Michael (Mike) Salvatico
Marcus & Millichap
Michael Salvatico
173 deals$787M volume(718) 475-4358
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Samuel (Sam) Leppo
Marcus & Millichap
Samuel Leppo
59 deals$286.6M volume(718) 475-4342
BROKER
CL
Chesky Landau
4 deals$37.9M volume
BROKER

Details

SOLD
IMAGE: Samuel Leppo, Shaun Riney & Michael Salvatico DATE: 01/26/2024 ADDRESS: 101-109 South 6th Street MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily BROKERS: Shaun Riney (@ShaunRiney1), Michael Salvatico (@MikeSalvatico) & Samuel Leppo (@Leppo.CRE) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $13,800,000 SF: 23,813 ~ PPSF: $580 NOTE FROM BROKER: Delivered vacant. Former opera house. Make contact with deal team for similar creative acquisitions. Deal team is currently marketing a condo tower with approved plans on Greenpoint Waterfront and a 365,000 buildable SF site in Downtown Brooklyn that are both excellent development opportunities. 718-475-4369 for Shaun Riney or 718-475-4358 for Mike Salvatico.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$736,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$49,028.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,419.04
Annual Debt Service$785,028.49