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148 S Front St, Farmingdale...

Updated Oct 29, 2024

Fairfield Properties Acquires Property At 148 S Front St From H.I.G. Realty Partners
SOLDMultiFamily

Fairfield Properties Acquires Property At 148 S Front St From H.I.G. Realty Partners

148 S Front St, Farmingdale, NY, 11735

Units

154

Asset Type

MultiFamily

Closing

Dec 18, 2019

About this deal

AI

The Jefferson at Farmingdale Plaza is a 154-unit multifamily community located at 148 South Front St., Farmingdale, NY 11735. The property was built in 2015 and consists of two three-story buildings. It includes amenities such as a health club with a yoga studio, a business lounge, a billiards room, and a media center featuring a movie theater. Additionally, the property houses 20,000 square feet of retail space that is leased to several tenants, including Starbucks, TAO Asian Bistro, and Eastern Breeze spa.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: Undisclosed
  • Address: 148 S Front St, Farmingdale, NY, 11735
  • Market: Farmingdale
  • Seller: H.I.G. Realty Partners
  • Buyer: Fairfield Properties
  • Seller's Representatives: Kevin Donner (Newmark), Brian Whitmer (Cushman & Wakefield)
  • Retail Space: 20,000 square feet

The sale was represented by Kevin Donner and Brian Whitmer, who procured the buyer, Fairfield Properties. They were part of the team at Cushman & Wakefield that facilitated the transaction for H.I.G. Realty Partners, which was involved in a joint venture with JPI Cos.

On the Map

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MultiFamily

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Players

Brian Whitmer

RePropCo

Broker

$1.6B

vol

28 deals

Broker
Cushman & Wakefield
Cushman & WakefieldBrokerage
Fairfield Properties
Fairfield PropertiesBuyer
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Farmingdale 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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