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Azi Mandel & Adam Mersmeltein Of Treetop Development Acquires Multifamily Portfolio In East Williamsburg For $76M

Property Image
SOLD
$76,000,000
Phil Goldstein
Steven Vegh
Azi Mandel
+ 1

New York

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MultiFamily300,500 SF
Sold 12/09/2021
the dealplayerscompscontact
Property Image
SOLD

Azi Mandel & Adam Mersmeltein Of Treetop Development Acquires Multifamily Portfolio In East Williamsburg For $76M

381 Hooper Street, Brooklyn, NY, USA

See Similar Deals
MultiFamily300,500 SF
Sold 12/09/2021
Phil Goldstein
Steven Vegh
Azi Mandel
+ 1
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$252
Total Square Footage:300,500 SF
Transaction Type:Sale

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

Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
Steven Vegh
Westwood Realty Associates
Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER
Phil Goldstein
Phil Goldstein
22 deals$515.7M volume
BROKER
Azi Mandel
Treetop Development
Azi Mandel
6 deals$269.5M volume
BUYER
Adam Mermelstein
Treetop Development
Adam Mermelstein
5 deals$206.8M volume
BUYER

Details

SOLD
IMAGE: Azi Mandel, Adam Mersmeltein, Steven Vegh & Phil Goldstein DATE: 12/09/2021 ADDRESS: 381 & 390 Hooper St. & 1479 & 1529 Dahill St. MARKET: East Williamsburg ASSET TYPE: Multifamily BUYER: Azi Mandel & Adam Mersmeltein - Treetop Development BROKERS: Steven Vegh (@StevenVegh) & Phil Goldstein (@PhilGoldstein) (@Phil-Goldstein-84) - Westwood Realty Associates SALE PRICE: $76,000,000 UNITS: 394 ~ PPU: $192,893 SF: 300,500 ~ PPSF: $252 NOTE: The 13 building portfolio consisted of 389 residential units & 5 retail spaces. The properties, all ret stabilized are located in E Williamsburg, Midwood & Sheepshead bay area on Brooklyn, NY.

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

$4,053,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28