Updated Sep 9, 2024
Shel Capital Acquires Prospect Heights Multifamily Portfolio For $23.25M
189 Sterling Place, Brooklyn, NY, USA
$23,250,000
$330/SF
Building Size
70,406 SF
Asset Type
MultiFamily
Closing
May 26, 2020
About this deal
AI
A multifamily portfolio in Prospect Heights has been sold for $23,250,000. The portfolio includes six properties located at 189 Sterling Pl., 442 Sterling Pl., 429 Sterling Pl., 196 7th Ave., 801 Ocean Ave., and 743 Washington Ave. The total square footage of the portfolio is 70,406, resulting in a price per square foot of $330.
Summary of transaction details
- Property Type: Multifamily portfolio
- Transaction Amount: $23,250,000
- Market: Prospect Heights
- Buyer: Shel Capital - Rony Kravel Jonathan Bakhash, Yonatan Binman, Jonathan Douek & Austen Rabbie & Bluestone Investments
- Broker: Aaron Jungreis @RosewoodRG
The buyer of the multifamily portfolio is Shel Capital, represented by Rony Kravel, Jonathan Bakhash, Yonatan Binman, Jonathan Douek, Austen Rabbie, and Bluestone Investments. The broker for the transaction is Aaron Jungreis from RosewoodRG.
Players
New York MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93