Kim Family Acquires Multifamily Property In Crown Heights, Brooklyn For $2.25M
356 New York Avenue, Brooklyn, NY, USA
$2,250,000
$641/SF
Building Size
3,510 SF
Asset Type
MultiFamily
Closing
Dec 13, 2020
AI
The multifamily property located at 356 New York Avenue in Crown Heights, Brooklyn has been sold for $2,250,000. The property spans 3,510 square feet and has a price per square foot of $641. The sale took place on December 14, 2020. The buyer of the property is the Kim family.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,250,000
- Market: Crown Heights, Brooklyn
- Address: 356 New York Avenue
- Size: 3,510 square feet
- Price per Square Foot: $641
The seller of the property is Yaron Levy and Jon Azizian from Pearlrock Development. Pearlrock Development is known for acquiring undervalued assets in Brooklyn and transforming them into luxury residences. Tali Berzak from Compass served as the broker in this transaction.
According to Pearlrock Development, their areas of focus for acquiring properties include Brooklyn, Manhattan, Queens, and Long Island.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.05%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93