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333 Irving Ave, Brooklyn, N...

David Marom Acquires Multifamily Property In Bushwick, Brooklyn For $11.5M
SOLDMultiFamily

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

DJ Johnston

Matthews

Broker

$493.3M

vol

102 deals

Broker
B6 Real Estate Advisors
B6 Real Estate AdvisorsBrokerage
David Marom

David Marom

Horizon Group

Buyer

$129.6M

vol

8 deals

Buyer

Joel Fishkind

Seller

$31M

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

1.38%

Cash-on-Cash

-0.39%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93