Hubb NYC Acquires Multifamily Property In Williamsburg, Brooklyn For $116.2M
SOLD
$116,200,000
+ 4
New York
See Similar DealsMultiFamily151,000 SF
Sold 12/16/2021
SOLD
Hubb NYC Acquires Multifamily Property In Williamsburg, Brooklyn For $116.2M
247 North 7th Street, Brooklyn, NY 11211
See Similar DealsMultiFamily151,000 SF
Sold 12/16/2021
+ 4
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$769
Total Square Footage:151,000 SF
Transaction Type:Sale
A multifamily property located at 247 N. 7th St. in Williamsburg, Brooklyn has been sold for a total price of $116,200,000. The property consists of 169 units with an average price per unit (PPU) of $687,573. The total square footage of the property is 151,000, resulting in a price per square foot (PPSF) of $769.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $116,200,000
- Units: 169
- PPU: $687,573
- Square Footage: 151,000
- PPSF: $769
- Address: 247 N. 7th St., Williamsburg, Brooklyn
The buyers in this transaction are John McCarthy and Jesse Terry from HUBB NYC, while the seller is Greystar. The deal was facilitated by Rob Hinckley, Jeff Julien, Steven Rutman, John Taylor, and Joy Ryoo from JLL, who represented both the buyer and the seller.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,197,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$412,834.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$550,847.28
Annual Debt Service$6,610,167.39
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