Yechiel Newhouse Acquires Affordable Housing Multifamily In Williamsburg, Brooklyn For $16M
SOLD
$16,000,000
+ 1
New York
See Similar DealsMultiFamily149,831 SF
Sold 01/19/2023
SOLD
Yechiel Newhouse Acquires Affordable Housing Multifamily In Williamsburg, Brooklyn For $16M
450 Kent Avenue
See Similar DealsMultiFamily149,831 SF
Sold 01/19/2023
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$106
Total Square Footage:149,831 SF
Transaction Type:Sale
An affordable housing multifamily property located at 450 Kent Avenue in Williamsburg, Brooklyn was recently sold for $16,000,000. Spanning over 149,831 square feet, the property was valued at an average price per square foot of $107.
Summary of transation details
- Property Type: Affordable Housing Multifamily
- Transaction Amount: $16,000,000
- Address: 450 Kent Avenue
- Market: Williamsburg, Brooklyn
- Buyer: Yechiel Newhouse
- Seller: L+M Development Partners & BFC Partners
- Brokers: Victor Sozio, Shimon Shkury & Benjamin Vago - Ariel Property Advisors
- SF: 149,831
- PPSF: $107
The sale was facilitated by brokers Victor Sozio, Shimon Shkury, and Benjamin Vago from Ariel Property Advisors. They played a crucial role in representing the buyer and seller in the transaction, ensuring a successful deal.
Players
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95
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