Updated Apr 3, 2025
A&E Acquires South Brooklyn Multifamily Portfolio For $249M With Brokers From Cushman & Wakefield
2375 East 3rd Street
$249,000,000
Units
1,217
Asset Type
MultiFamily
Closing
Nov 7, 2022
About this deal
AI
Three multifamily properties located at 2375 East 3rd Street, 2750 Homecrest Avenue, and 2775 East 12th Street have been sold in South Brooklyn. The transaction took place on the 11th of July 2022. The buyer, A&E, acquired the properties from the seller, LeFrak Organization, at a total sale price of $249,000,000. The asset consists of 1,217 units, with a price per unit (PPU) of $204,601.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $249,000,000
- Units: 1,217
- PPU: $204,601
The deal was facilitated by the brokers Adam Spies, Dan O’Brien, Adam Doneger, Caroline Hodes, and Michael Collins from Cushman & Wakefield, representing both the buyer and the seller.
On the Map
$249,000,000
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