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MetLife Acquires Multifamily Property In Williamsburg For $68.25M

Property Image
SOLD
$2,700,000
Tyler Workman
Matt Fotis

New York

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MultiFamily6,500 SF
Sold 08/01/2019
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Property Image
SOLD

MetLife Acquires Multifamily Property In Williamsburg For $68.25M

98 Bedford Ave, Brooklyn, NY 11249, USA

See Similar Deals
MultiFamily6,500 SF
Sold 08/01/2019
Tyler Workman
Matt Fotis
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$415
Total Square Footage:6,500 SF
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 44 Berry St & 139 N 10th St in Williamsburg. The sale took place on January 25, 2023. The property consists of 78 units with a total square footage of 66,981. The sale price for the property was $68,250,000, resulting in a per unit price of $875,000 and a per square foot price of $1,019.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $68,250,000
  • Address: 44 Berry St & 139 N 10th St
  • Market: Williamsburg

The buyer in this transaction was MetLife, while the seller was Clarion Partners. The brokers involved in the deal were Gary Phillips, Will Silverman, and Daniel Parker from Eastdil Secured.

Players

Matt Fotis
Marcus & Millichap
Matt Fotis
111 deals$598M volume(212) 430-5234
BROKER
Tyler Workman
Tyler Workman
8 deals$115.5M volume
BROKER
MetLife
MetLife
BUYER
Clarion Partners
Clarion Partners
SELLER
Clarion Partners
Clarion Partners
LENDER
MetLife
MetLife
LENDER

Details

SOLD
IMAGE: Gary Phillips, David Gilbert, Aaron Kutner, Daniel Parker & Will Silverman DATE: 01/25/2023 ADDRESS: 44 Berry St & 139 N 10th St MARKET: Williamsburg ASSET TYPE: Multifamily BUYER: MetLife SELLER: Clarion Partners BROKERS: Gary Phillips (@Garyty123), Will Silverman (@Wilverman1978) & Daniel Parker - Eastdil Secured (@EastdilSecured) SALE PRICE: $68,250,000 UNITS: 78 ~ PPU: $875,000 SF: 66,981 ~ PPSF: $1,019

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

$144,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,592.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,799.38
Annual Debt Service$153,592.53