Urban American Acquires Multifamily Asset At 3333 Broadway From Brookfield Properties For $323.5M
3333 Broadway
$323,500,000
$1,135/SF
Building Size
285,000 SF
Asset Type
MultiFamily
Closing
Dec 27, 2024
AI
The property asset involved in this transaction is a multifamily building located at 3333 Broadway within the Manhattanville market. The sale price for the asset was $323,500,000, which represents a price per unit of $271,165 across its 1,193 units. The total square footage of the property measures 285,000, with a price per square foot of $1,135.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $323,500,000
- Units: 1,193
- Price Per Unit: $271,165
- Square Footage: 285,000
- Price Per Square Foot: $1,135
- Buyer: Urban American
- Seller: Brookfield Properties
- Brokers: Daniel Parker, Gary Phillips & Will Silverman - Eastdil Secured
The transaction was advised by Eastdil Secured, marking it as the largest affordable housing sale in New York City in 2024, showcasing the significance of this deal in the real estate market.
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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93