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Jonathan Douek And Yonatan Binman Of Bluestone Investments Acquire Multifamily Property In Gowanus For $68.5M

Property Image
SOLD
$68,500,000
Steven Rutman
Rob Hinckley
+ 1

New York

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MultiFamily92,722 SF
Sold 05/12/2025
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Property Image
SOLD

Jonathan Douek And Yonatan Binman Of Bluestone Investments Acquire Multifamily Property In Gowanus For $68.5M

237 11th Street

See Similar Deals
MultiFamily92,722 SF
Sold 05/12/2025
Steven Rutman
Rob Hinckley
+ 1
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$738
Total Square Footage:92,722 SF
Transaction Type:Sale

The property asset involved in this transaction is a MultiFamily unit located at 237 11th Street in the Gowanus market. The transaction was completed for a price of $68,500,000.00, comprising 105 units and encompassing a total square footage of 92,722.0.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $68,500,000.00
  • Address: 237 11th Street
  • Market: Gowanus
  • Units: 105
  • Square Footage: 92,722.0
  • Buyer: Jonathan Douek and Yonatan Binman - Bluestone Investments and Rony Kravel and Jonathan Bakhash - Shel Capital
  • Seller: Trinity Place Holdings

This transaction involved multiple key individuals representing the buyers: Jonathan Douek and Yonatan Binman from Bluestone Investments along with Rony Kravel and Jonathan Bakhash of Shel Capital, collectively acquiring the property from seller Trinity Place Holdings.

Players

Jeffrey (Jeff) Julien
58 deals$9B volume
BROKER

Rob Hinckley
JLL
81 deals$11.6B volume
BROKER

Steven Rutman
JLL
66 deals$8.8B volume
BROKER


BUYER

Details

SOLD
IMAGE: Jonathan Douek, Yonatan Binman, Rony Kravel, Jonathan Bakhash, Jeffrey Julien, Rob Hinckley & Steven Rutman DATE: 03/14/2025 ADDRESS: 237 11th Street MARKET: Gowanus ASSET TYPE: MultiFamily BUYER: Jonathan Douek & Yonatan Binman - Bluestone Investments; Rony Kravel & Jonathan Bakhash - Shel Capital SELLER: Trinity Place Holdings BROKERS: Jeffrey Julien, Rob Hinckley & Steven Rutman - JLL (@JLL) SALE PRICE: $68,500,000 UNITS: 105 ~ PPU: $652,380

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$243,366.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$324,724.95
Annual Debt Service$3,896,699.36