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Cushman & Wakefield Brokers $36.3M Multifamily Sale In Williamsburg, Brooklyn

Property Image
SOLD
$36,300,000
Kevin Donner
Douglas (Doug) Harmon
Daniel (Dan) O'Brien
+ 3

New York

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MultiFamily56,997 SF
Sold 06/01/2022
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Property Image
SOLD

Cushman & Wakefield Brokers $36.3M Multifamily Sale In Williamsburg, Brooklyn

487 Keap Street, Brooklyn, New York 11211, United States

See Similar Deals
MultiFamily56,997 SF
Sold 06/01/2022
Kevin Donner
Douglas (Doug) Harmon
Daniel (Dan) O'Brien
+ 3
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$636
Total Square Footage:56,997 SF
Transaction Type:Sale

A multifamily property located at 487 Keap St. in Williamsburg, Brooklyn has been sold for a total of $36,300,000. The property consists of 51 units, with a per unit price of $711,764. The total square footage of the property is 38,436, with a price per square foot of $944.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $36,300,000
  • Address: 487 Keap St.
  • Market: Williamsburg, Brooklyn
  • Units: 51
  • PPU: $711,764
  • Square Footage: 38,436
  • PPSF: $944

The seller of the property was Read Properties. The transaction was facilitated by the brokers Daniel O'Brien, Adam Spies, Kevin Donner, Caroline Hodes, and Doug Harmon from Cushman & Wakefield.

Players

Adam Spies
Newmark
Adam Spies
260 deals$71.4B volume(212) 841-7500
BROKER
Caroline Hodes
Newmark
Caroline Hodes
93 deals$1.8B volume(516) 263-9404
BROKER
Douglas (Doug) Harmon
Newmark
Douglas Harmon
128 deals$47.3B volume
BROKER
EK
Greenrock Funding
Elya Kahn
12 deals$243.1M volume(718) 599-0519
BROKER
Kevin Donner
Newmark
Kevin Donner
48 deals$10.1B volume
BROKER
Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
145 deals$4.6B volume(212) 698-5584
BROKER
Cushman & Wakefield
Cushman & Wakefield
BROKERAGE

Details

SOLD
IMAGE: Daniel O’Brien, Adam Spies, Kevin Donner, Caroline Hodes & Doug Harmon DATE: 06/01/2022 ADDRESS: 487 Keap St. MARKET: Williamsburg, Brooklyn ASSET TYPE: Multifamily SELLER: Read Properties BROKERS: Daniel O’Brien, Adam Spies, Kevin Donner, Caroline Hodes (@CarolineHodes) & Doug Harmon - Cushman & Wakefield (@CushWake) (@KingsAndQueensCapitalMarkets) SALE PRICE: $36,300,000 UNITS: 51 ~ PPU: $711,764 SF: 38,436 ~ PPSF: $944

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

$1,936,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$128,966.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$172,080.52
Annual Debt Service$2,064,966.23