Azi Mandel & Adam Mersmeltein Of Treetop Development Acquires Multifamily Portfolio In East Williamsburg For $76M
381 Hooper Street, Brooklyn, NY, USA
$76,000,000
$252/SF
Building Size
300,500 SF
Asset Type
MultiFamily
Closing
Dec 9, 2021
AI
The recently closed property transaction in East Williamsburg involved the sale of a multifamily asset. The properties, located at 381 & 390 Hooper St. and 1479 & 1529 Dahill St., were part of a 13 building portfolio consisting of 389 residential units and 5 retail spaces. These rent-stabilized properties are situated in the E Williamsburg, Midwood, and Sheepshead Bay areas of Brooklyn, NY.
Summary of Transaction Details
- Property Type: Multifamily
- Sale Price: $76,000,000
- Units: 394
- Price Per Unit (PPU): $192,893
- Square Footage: 300,500
- Price Per Square Foot (PPSF): $252
Azi Mandel and Adam Mersmeltein of Treetop Development acted as the buyers in this transaction. The deal was facilitated by Steven Vegh and Phil Goldstein from Westwood Realty Associates.
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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93