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Canvas Property Group Acquires Multifamily Asset At 436 Albee Square Brooklyn For $112.8M

Property Image
SOLD
$112,800,000

New York

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MultiFamily161,262 SF
Sold 11/15/2024
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Property Image
SOLD

Canvas Property Group Acquires Multifamily Asset At 436 Albee Square Brooklyn For $112.8M

436 Albee Square

See Similar Deals
MultiFamily161,262 SF
Sold 11/15/2024
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$699
Total Square Footage:161,262 SF
Transaction Type:Sale

The property involved in the transaction is a MultiFamily asset located at 436 Albee Square in the Brooklyn market. The sale price for this property was $112,800,000, which encompasses a total of 150 units. The property covers a square footage of 161,262, resulting in a price per unit of $752,000 and a price per square foot of $699.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $112,800,000
  • Units: 150
  • Square Footage: 161,262
  • Price Per Unit: $752,000
  • Price Per Square Foot: $699
  • Buyer: Canvas Property Group
  • Seller: Spencer Equity Group
  • Broker Representatives: Alex Fuchs, Ben Khakshoor, and Aaron Jungreis - Rosewood Realty Group

The transaction was facilitated by the representatives from Rosewood Realty Group, specifically Alex Fuchs, Ben Khakshoor, and Aaron Jungreis, who played a crucial role in managing the deal between Canvas Property Group and Spencer Equity Group. Their involvement underscores the significance of expert representation in high-value property transactions.

Players

Aaron Jungreis
204 deals$4.3B volume(212) 359-9900
BROKER

Ben Khakshoor
Rosewood Realty Group
134 deals$1.9B volume(212) 359-9913
BROKER

Alex Fuchs
Rosewood Realty Group
101 deals$1.9B volume
BROKER

Details

SOLD
IMAGE: Aaron Jungreis, Robert Morgenstern, Ben Khakshoor & Alex Fuchs DATE: 11/15/2024 ADDRESS: 436 Albee Square MARKET: Brooklyn ASSET TYPE: MultiFamily BUYER: Canvas Property Group SELLER: Spencer Equity Group BROKERS: Alex Fuchs (@AlexFuchs1), Ben Khakshoor (@BenKhak) & Aaron Jungreis (@AaronJungreis) - Rosewood Realty Group (@RosewoodRG) SALE PRICE: $112,800,000 UNITS: 150 ~ PPU: $752,000 SF: 161,262 ~ PPSF: $699

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

$6,016,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$400,754.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$534,729.55
Annual Debt Service$6,416,754.57