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Cobble Hill, Brooklyn

Eckstrom NYC Acquires Multifamily Property In Cobble Hill For $3.9M
SOLDMultiFamily

Eckstrom NYC Acquires Multifamily Property In Cobble Hill For $3.9M

Cobble Hill, Brooklyn

$3,900,000

$959/SF

Building Size

4,065 SF

Asset Type

MultiFamily

Closing

May 5, 2023

AI

An multifamily property located at 32 Butler Street in Cobble Hill, Brooklyn has been sold. The property consists of 3 units with a total square footage of 4,065. The sale price for this transaction was $3,900,000, resulting in a price per square foot of $959. The property was delivered vacant, providing an opportunity for the buyer to utilize it as they see fit.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,900,000
  • Units: 3
  • Price Per Unit: $1,300,000
  • Square Footage: 4,065
  • Price Per Square Foot: $959

The buyer in this transaction is Eckstrom NYC, represented by Carlos Saavedra. The seller is the Lopez Family. The deal was facilitated by brokers Derek Bestreich, Luke Sproviero, Adam Lobel, and Toby Waring from Investment Property Realty Group (IPRG).

This sale represents an opportunity for the buyer to make use of a vacant multifamily property in the desirable Cobble Hill neighborhood of Brooklyn. The property offers potential for various investment strategies and future development.

Players

Adam Lobel

Investment Property Realty Group (IPRG)

Broker

$602.2M

vol

141 deals

Broker
Carlos Saavedra

Carlos Saavedra

Eckstrom NYC

Buyer

$108.4M

vol

20 deals

Buyer

Lopez Family

Seller

$6.2M

vol

2 deals

Seller

New York 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

4.07%

Cash-on-Cash

-1.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93