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Avison Young Brokers Facilitate $15M Multifamily Sale In Williamsburg

Property Image
SOLD
$15,000,000
Eric Karmitz
Brandon Polakoff
+ 3

New York

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MultiFamily27,500 SF
Sold 05/20/2024
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Property Image
SOLD

Avison Young Brokers Facilitate $15M Multifamily Sale In Williamsburg

347 Lorimer Street

See Similar Deals
MultiFamily27,500 SF
Sold 05/20/2024
Eric Karmitz
Brandon Polakoff
+ 3
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$545
Total Square Footage:27,500 SF
Transaction Type:Sale

Located at 347 Lorimer Street in Williamsburg, Brooklyn, the multifamily property was sold for $15,000,000. The transaction involved 18 units with a price per unit of $833,333, spanning across 27,500 square feet.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $15,000,000
  • Unit: 18
  • Price Per Unit: $833,333
  • Square Footage: 27,500
  • Address: 347 Lorimer Street
  • Market: Williamsburg, Brooklyn

The deal at 347 Lorimer Street was facilitated by Brandon Polakoff, Erik Edeen, Eric Karmitz, Frederick Richter, Ryan McGuirl, and Joseph Moran from Avison Young. Among them, Frederick Richter played a key role in the transaction.

Players

Eric Karmitz
36 deals$767.7M volume
BROKER

Brandon Polakoff
Avison Young
124 deals$1.8B volume
BROKER

Erik Edeen
Avison Young
14 deals$383.2M volume
BROKER

Frederick (Fritz) Richter
Avison Young
34 deals$506.5M volume
BROKER

Ryan McGuirl
Avison Young
60 deals$804.5M volume(212) 858-9361
BROKER

Joseph (Joe) Moran
Avison Young
33 deals$388.2M volume
BROKER

Details

SOLD
IMAGE: Brandon Polakoff, Erik Edeen, Eric Karmitz, Frederick Richter, Ryan McGuirl & Joseph Moran DATE: 05/20/2024 ADDRESS: 347 Lorimer Street MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily BROKERS: Brandon Polakoff (@BfPolly), Erik Edeen, Eric Karmitz (@Eric.Karmitz), Frederick Richter (@FritzRic), Ryan McGuirl (@RMAC_NYC) & Joseph Moran (@JoeMoran31) - Avison Young (@Avison_Young_Global) SALE PRICE: $15,000,000 UNIT: 18 ~ PPU: $833,333 SF: 27,500 Richter

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$799,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83