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3 Sutton Street

Updated May 12, 2025

Cedar Park Capital Acquires Multifamily Assets From Black Spruce Management For $29.5M
SOLDMultiFamily

Cedar Park Capital Acquires Multifamily Assets From Black Spruce Management For $29.5M

3 Sutton Street, 5 Sutton Street, 164 Kingsland Avenue, 166 Kingsland Avenue, 657 Meeker Avenue, 661 Meeker Avenue, 667 Meeker Avenue, 669 Meeker Avenue & 673 Meeker Avenue

$27,400,000

$438/SF

Building Size

6,138 SF

Asset Type

MultiFamily

Closing

Apr 28, 2025

About this deal

AI

The transaction involves a multifamily asset located at multiple addresses: 3 Sutton Street, 5 Sutton Street, 164 Kingsland Avenue, 166 Kingsland Avenue, 657 Meeker Avenue, 661 Meeker Avenue, 667 Meeker Avenue, 669 Meeker Avenue, and 673 Meeker Avenue, in the Brooklyn market. The sale price is $29,500,000, encompassing a total square footage of 62,459, which equates to a price per square foot of $472.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $29,500,000
  • Square Footage: 62,459
  • Price per Square Foot: $472
  • Addresses: 3 Sutton Street, 5 Sutton Street, 164 Kingsland Avenue, 166 Kingsland Avenue, 657 Meeker Avenue, 661 Meeker Avenue, 667 Meeker Avenue, 669 Meeker Avenue, 673 Meeker Avenue
  • Buyer: Cedar Park Capital
  • Seller: Black Spruce Management
  • Brokers: Aaron Jungreis, Ben Khakshoor & Alex Fuchs - Rosewood Realty Group

This transaction marks the second sale of these properties by Rosewood Realty Group, the first sale occurring in 2017. The brokers involved in the deal are Aaron Jungreis, Ben Khakshoor, and Alex Fuchs, representing the transaction from the seller's perspective.

On the Map

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$27,400,000

$438/SF

MultiFamily

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Players

Aaron Jungreis

Rosewood Realty Group

Broker

$4.6B

vol

218 deals

Broker
CC
Cedar Park CapitalBuyer
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Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $438 per square foot on a published $27.4M for 62,459 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.58%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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