Updated Dec 21, 2023
The Kang Family Acquires Multifamily Property In Brooklyn Heights For $3.1M
40 Schermerhorn Street, Brooklyn Heights, Brooklyn, NY, USA
$3,100,000
$815/SF
Building Size
3,800 SF
Asset Type
MultiFamily
Closing
May 10, 2021
About this deal
AI
The multifamily property located at 40 Schermerhorn Street in Brooklyn Heights has been sold in a recent transaction. The sale was facilitated by Shaun Riney and Mike Salvatico of New York Multifamily and Marcus & Millichap. The property consists of three units and spans a total of 3,800 square feet. The sale price for this transaction was $3,100,000, resulting in a price per unit of $1,033,333. The price per square foot for this property was $816.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,100,000
- Units: 3
- Price per Unit: $1,033,333
- Total Square Footage: 3,800
- Price per Square Foot: $816
The Kang Family acted as the buyer in this transaction. They were represented by Shaun Riney and Mike Salvatico of New York Multifamily and Marcus & Millichap. This sale signifies a significant investment opportunity in the Brooklyn Heights market.
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
5.12%
Cash-on-Cash
-1.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93