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1704 Ocean Avenue, Brooklyn...

Baseline Real Estate Advisors Acquires Multifamily Property In Midwood, Brooklyn For $37.1M
SOLDMultiFamily

Baseline Real Estate Advisors Acquires Multifamily Property In Midwood, Brooklyn For $37.1M

1704 Ocean Avenue, Brooklyn, New York 11230, United States

$37,100,000

$620/SF

Building Size

59,821 SF

Asset Type

MultiFamily

Closing

Apr 5, 2022

AI

Located at 1704 Ocean Ave. in Midwood, Brooklyn, this multifamily property has recently been sold. The transaction took place on 04/06/2022, with a sale price of $37,100,000. The property consists of 64 units, with a price per unit (PPU) of $579,687. It spans across 60,000 square feet, resulting in a price per square foot (PPSF) of $618.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $37,100,000
  • Units: 64
  • Price per Unit (PPU): $579,687
  • Square Footage: 60,000
  • Price per Square Foot (PPSF): $618
  • Market: Midwood, Brooklyn

Bluejay Management, represented by Yerachmael Jacobson and Marc Jacobowitz, served as the seller in this transaction. The buyer was represented by Michael Sherman from Baseline Real Estate Advisors. Jacob Stavsky from SP Capital Group acted as the seller's representative.

Baseline Real Estate Advisors, the buyer's brokerage firm, provided an additional note stating that they currently have nine other properties under contract. They pride themselves on their individualized approach, maximizing asset value with a combination of big firm exposure and boutique firm service. If you wish to learn more, you can reach out to Michael Sherman, the founder of Baseline Real Estate Advisors, at [email protected].

Players

Jacob Stavsky

Stav Equities LLC

Broker

$175.2M

vol

29 deals

Broker
Marc Jacobowitz

Marc Jacobowitz

Bluejay Management

Seller

$181.4M

vol

10 deals

Seller
Bluejay Management
Bluejay ManagementSeller

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.43%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93