HUBB NYC Acquires Multifamily Asset In Park Slope, Brooklyn For $40M
SOLD
$40,000,000
+ 3
New York
See Similar DealsMultiFamily48,256 SF
Sold 09/19/2022
SOLD
HUBB NYC Acquires Multifamily Asset In Park Slope, Brooklyn For $40M
223 4th Avenue, Brooklyn, New York 11215, United States
See Similar DealsMultiFamily48,256 SF
Sold 09/19/2022
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$828
Total Square Footage:48,256 SF
Transaction Type:Sale
A multifamily property located at 223 4th Ave. in Park Slope, Brooklyn has been sold for $40,000,000. The property consists of 63 units with an average price per unit of $634,920. The total square footage of the property is 48,256, resulting in an average price per square foot of $828.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Address: 223 4th Ave.
- Market: Park Slope, Brooklyn
The buyer of the property is HUBB NYC, represented by Jonny McCarthy and Jesse Terry. The seller is Greystone Development. The deal was facilitated by Daniel O'Brien, Adam Spies, Adam Doneger, and Avery Silverstein from Cushman & Wakefield.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
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