LIHC Investment Group Acquires Williamsburg Multifamily For $84.9M
SOLD
$84,900,000
New York
See Similar DealsMultiFamily182,879 SF
Sold 07/28/2022
SOLD
LIHC Investment Group Acquires Williamsburg Multifamily For $84.9M
391 Lorimer Street, Brooklyn, New York 11206, United States
See Similar DealsMultiFamily182,879 SF
Sold 07/28/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$464
Total Square Footage:182,879 SF
Transaction Type:Sale
The multifamily property located at 391 Lorimer Street, 16 Ten Eyck Street, and 417 Lorimer Street in Williamsburg has been sold. The sale, which took place on July 28, 2022, involved a total of 263 units. The property spans 182,879 square feet and was sold for a total price of $84,900,000, resulting in a price per unit of $322,813 and a price per square foot of $464.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $84,900,000
- Number of Units: 263
- Price per Unit: $322,813
- Size: 182,879 square feet
- Price per Square Foot: $464
- Market: Williamsburg
The buyer of the property was LIHC Investment Group, while the seller was Cammebys International Group and FBE Limited.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,528,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$301,631.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$402,469.31
Annual Debt Service$4,829,631.77
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