Northlink Capital Sells 302-Unit Multifamily Property In Midwood, Brooklyn For $180M With JLL Brokers
SOLD
$180,000,000
+ 3
New York
See Similar DealsMultiFamily351,762 SF
Sold 03/23/2022
SOLD
Northlink Capital Sells 302-Unit Multifamily Property In Midwood, Brooklyn For $180M With JLL Brokers
1277 East 14th Street, Brooklyn, New York 11230, United States
See Similar DealsMultiFamily351,762 SF
Sold 03/23/2022
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$511
Total Square Footage:351,762 SF
Transaction Type:Sale
The multifamily property at 1277 E. 14th St. in Midwood, Brooklyn has been sold for a total price of $180,000,000. The property consists of 302 units with an average price per unit of $596,026. It spans a total area of 265,000 square feet, resulting in a price per square foot of $679.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $180,000,000
- Units: 302
- Price per Unit: $596,026
- Total Square Footage: 265,000
- Price per Square Foot: $679
The sale of this property was facilitated by the broker team from JLL, including Steven Rutman, Jeff Julien, Rob Hinckley, Ethan Stanton, Brendan Maddigan, and Stephen Palmese. They represented the seller, Northlink Capital, in this transaction.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$639,501.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$853,291.83
Annual Debt Service$10,239,501.98
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