The Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners & The Black Developers Network Triboro Acquire Brooklyn Multifamily For $9.3M
SOLD
$9,292,000
New York
See Similar DealsMultiFamily151,380 SF
Sold 05/23/2023
SOLD
The Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners & The Black Developers Network Triboro Acquire Brooklyn Multifamily For $9.3M
211 Riverdale Ave Brooklyn, NY 11212, USA
See Similar DealsMultiFamily151,380 SF
Sold 05/23/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$61
Total Square Footage:151,380 SF
Transaction Type:Sale
A multifamily property located at 211 Riverdale Avenue, 410 Manhattan Avenue, and 59 Frost Street in Brooklyn has been sold in a closed transaction. The property consists of 163 units and spans a total of 151,380 square feet. The sale price for this transaction was $9,292,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,292,000
- Units: 163
- Square Footage: 151,380
- Market: Brooklyn
The buyers involved in this transaction were The Community Preservation Corporation (CPC), The Community Development Trust (CDT), Monadnock Development, Red Stone Equity Partners, and The Black Developers Network Triboro. On the selling side was Dunn Development Corp., represented by Martin Dunn. Victor Sozio and Shimon Shkury of Ariel Property Advisors served as the brokers for this deal.
This transaction involved a partial interest sale, as noted by the broker.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$495,573.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,012.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$44,048.82
Annual Debt Service$528,585.85
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