David Lloyd Ian Miller And Jeremy Sederish Acquire Multifamily Building In Dumbo For $14M
177 Concord Street
$14,000,000
$549/SF
Building Size
25,500 SF
Asset Type
MultiFamily
Closing
Feb 21, 2025
AI
This multifamily asset located at 177 Concord Street in Dumbo features 23 residential units within a 25,500 square foot structure. The property was sold for $14,000,000, marking a price per unit of $608,695 and a price per square foot of $549. The building is noted as being a 100% Free Market Elevator building.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $14,000,000
- Units: 23
- Square Footage: 25,500
- Price Per Unit: $608,695
- Price Per Square Foot: $549
- Buyer: David Lloyd - Lloyd Properties
- Buyer: Ian Miller - Kadima Properties
- Buyer: Jeremy Sederish - Shelter Investment Group
- Seller: Lieberman Family
- Broker: Marcel Fridman - Barcel Group
The transaction involved multiple buyers, David Lloyd, Ian Miller, and Jeremy Sederish, who represented their respective firms in acquiring the property from the Lieberman Family. Broker Marcel Fridman facilitated the transaction for the seller, illustrating a coordinated effort in the negotiation process.
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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93