David Marom Acquires Multifamily Property In Bushwick, Brooklyn For $11.5M
SOLD
$11,500,000
New York
See Similar DealsMultiFamily440,000 SF
Sold 11/12/2019
SOLD
David Marom Acquires Multifamily Property In Bushwick, Brooklyn For $11.5M
333 Irving Ave, Brooklyn, NY 11237, USA
See Similar DealsMultiFamily440,000 SF
Sold 11/12/2019
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$26
Total Square Footage:440,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$613,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$40,857.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$54,515.87
Annual Debt Service$654,190.40
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