David Marom Acquires Multifamily Property In Bushwick, Brooklyn For $11.5M
333 Irving Ave, Brooklyn, NY 11237, USA
$11,500,000
$26/SF
Building Size
440,000 SF
Asset Type
MultiFamily
Closing
Nov 11, 2019
AI
333-335 Irving Ave, located in Bushwick, Brooklyn, has been sold in a closed transaction. The multifamily property was recently purchased for a sale price of $11,500,000, slightly under the asking price of $12,000,000. The property spans a total of 44,000 square feet, with a price per square foot of $261. The transaction was facilitated by DJ Johnston of an undisclosed agency.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $11,500,000
- Address: 333-335 Irving Ave, Bushwick, Brooklyn
- Market: Bushwick, Brooklyn
- Seller: Joel Fishkind
- Buyer: David Marom – The Horizon Group
- Broker: DJ Johnston
The buyer, David Marom, represented by The Horizon Group, successfully acquired the multifamily property. The site, with dimensions of 200' x 100', is situated on a corner-to-corner plot. The specifics of the developer's plans for the property were not disclosed in the provided information.
Players
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
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93