Updated Feb 21, 2025
Blume Family Acquires Multifamily Property From Meerendonk Family In Brooklyn For $1.8M
429 431 Columbia Street
$1,800,000
$401/SF
Building Size
4,485 SF
Asset Type
MultiFamily
Closing
Feb 5, 2025
About this deal
AI
The property asset involved in the transaction is a multifamily building located at 429-431 Columbia Street in Brooklyn, having a sale price of $1,800,000. The total square footage of the property is 4,485, which translates to a price per square foot of $401.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,800,000
- Address: 429-431 Columbia Street
- Market: Brooklyn
- Square Footage: 4,485
- Price per Square Foot: $401
- Buyer: Blume family
- Seller: Meerendonk family
- Broker: Joshua Pomerantz - SP Capital Group
Joshua Pomerantz represented both the buyer and the seller in this transaction. He facilitated the deal, ensuring the property was delivered vacant at closing. This represents the sixth closed transaction for SP Capital Group in the past eight weeks.
Brooklyn 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
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93