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Marcus & Millichap Sells Multifamily Property In Clinton Hill, Brooklyn For $8.37M

Property Image
SOLD
$8,370,000
Michael (Mike) Salvatico
Andrew Bronsteen
Shaun Riney
+ 2

New York

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MultiFamily15,812 SF
Sold 01/10/2024
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Property Image
SOLD

Marcus & Millichap Sells Multifamily Property In Clinton Hill, Brooklyn For $8.37M

33 Lexington Avenue & 35 Lexington Avenue

See Similar Deals
MultiFamily15,812 SF
Sold 01/10/2024
Michael (Mike) Salvatico
Andrew Bronsteen
Shaun Riney
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$529
Total Square Footage:15,812 SF
Transaction Type:Sale

Located in Clinton Hill, Brooklyn, the multifamily property at 33 Lexington Avenue & 35 Lexington Avenue has been sold in a closed transaction. The property consists of 10 units with a total of 7,906 square feet. The sale price for this asset was $8,370,000, resulting in a price per unit of $837,000 and a price per square foot of $1,059.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,370,000
  • Address: 33 Lexington Avenue & 35 Lexington Avenue
  • Market: Clinton Hill, Brooklyn

The seller of the property was Eric Orlofsky, representing Center Street Capital. The buyer was represented by Ari Harkov from Brown Harris Stevens. The seller was represented by Michael Salvatico, Shaun Riney, and Andrew Bronsteen from Marcus & Millichap.

Players

Michael (Mike) Salvatico
Marcus & Millichap
Michael Salvatico
173 deals$787M volume(718) 475-4358
BROKER
Andrew Bronsteen
Marcus & Millichap
Andrew Bronsteen
64 deals$257.5M volume
BROKER
Shaun Riney
Marcus & Millichap
Shaun Riney
355 deals$1.8B volume(718) 475-4369
BROKER
Ari Harkov
Brown Harris Stevens
Ari Harkov
86 deals$429.1M volume(212) 381-4246
BROKER
Eric Orlofsky
Eric Orlofsky
8 deals$33.8M volume
SELLER

Details

SOLD
IMAGE: Ari Harkov, Shaun Riney, Michael Salvatico & Andrew Bronsteen DATE: 01/10/2024 ADDRESS: 33 Lexington Avenue & 35 Lexington Avenue MARKET: Clinton Hill, Brooklyn ASSET TYPE: Multifamily SELLER: Eric Orlofsky - Center Street Capital BUYER'S REP: Ari Harkov (@AriHarkov) - Brown Harris Stevens (@HakovLewisTeam) SELLER'S REP: Michael Salvatico (@MikeSalvatico), Shaun Riney (@ShaunRiney1) & Andrew Bronsteen (@BkBronsteen) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $8,370,000 UNITS: 10 ~ PPU: $837,000 SF: 7,906 ~ PPSF: $1,059

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$29,736.84
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