facebook
Traded Co logo
Submit

Hertz Family Acquires Property At 2302 85th St Brooklyn For $46 Million From Harry Jeremias' Group

Property Image
SOLD
$46,000,000
Mark Steinmetz

New York

See Similar Deals
MultiFamily160,500 SF
Sold 01/11/2018
the dealplayerscompscontact
Property Image
SOLD

Hertz Family Acquires Property At 2302 85th St Brooklyn For $46 Million From Harry Jeremias' Group

2302 85th St, Brooklyn, NY, 11214

See Similar Deals
MultiFamily160,500 SF
Sold 01/11/2018
Mark Steinmetz
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$286
Total Square Footage:160,500 SF
Transaction Type:Sale

A group of investors led by Harry Jeremias sold a three-building multifamily package for $46 million. The properties span a total of 160,500 square feet and are located at 320-328 Ocean Parkway, 420 Avenue F in Kensington, and 2302 85th Street in Gravesend. The package consists of 145 rent-stabilized units, with a price per unit of approximately $317,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $46,000,000.00
  • Address: 2302 85th St, Brooklyn, NY, 11214
  • Market: Brooklyn
  • Buyer: Hertz family
  • Seller: A Group of investors led by Harry Jeremias
  • Seller's Representatives: Lipa Lieberman (Meridian Capital Group), Mark Steinmetz (Meridian Capital Group), Adam Sprung (Meridian Capital Group)
  • Additional Advisers: Erik Yankelovich (GFI Realty Services), Aron Taub (GFI Realty Services)

Meridian Capital Group facilitated the transaction, representing both the buyer and the seller. The deal highlights the involvement of key individuals from the brokerage industry, with Lipa Lieberman, Mark Steinmetz, and Adam Sprung all playing significant roles in the negotiation process.

Players

Lipa Lieberman
36 deals$1.2B volume
BROKER


Mark Steinmetz
Rosewood Realty Group
4 deals$125.1M volume(347) 834-4938
BROKER

Details

SOLD
IMAGE: 2302 85th St, Brooklyn, NY, 11214 MARKET: Brooklyn SELLER'S REP: Lipa Lieberman(Meridian Capital Group), Mark Steinmetz(Meridian Capital Group), Adam Sprung(Meridian Capital Group) BUYER: Hertz family SELLER: A Group of investors led by Harry Jeremias PRICE: $46,000,000.00 SF: 160500

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,453,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$163,428.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$218,063.47
Annual Debt Service$2,616,761.62