Updated Oct 28, 2024
A&E Real Estate Acquires Multifamily Portfolio In Brooklyn From LeFrak For $250M
2375 East 3rd Street, Brooklyn, New York 11223, United States
$250,000,000
$196/SF
Building Size
1,271,755 SF
Asset Type
MultiFamily
Closing
Apr 11, 2022
About this deal
AI
The multifamily property located at 2375 East 3rd Street, 2750 Homecrest Avenue, and 2775 East 12th Street in Brooklyn has been sold in a recent transaction. The sale was facilitated by Adam Spies, Adam Doneger, and Daniel O'Brien of Cushman & Wakefield. The buyer of the property is A&E Real Estate, while the seller is LeFrak.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $250,000,000
- Units: 1,217
- Price per Unit: $205,423
- Square Footage: 1,271,755
- Price per Square Foot: $196
The sale of this multifamily property marks a significant milestone in the Brooklyn real estate market. The involvement of brokers Adam Spies, Adam Doneger, and Daniel O'Brien from Cushman & Wakefield highlights their expertise and reputation in successfully facilitating this transaction. The buyer, A&E Real Estate, has made a substantial investment in acquiring this property from the seller, LeFrak. This deal further demonstrates the strong demand for multifamily assets in Brooklyn's competitive market.
On the Map
$250,000,000
$196/SF
MultiFamily
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Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93