Updated Dec 4, 2024
Eben Ellertson Of L&M Development Partners Acquires Ground Lease In Bedford Stuyvesant, Brooklyn For $28.1M
53 Utica Avenue & 1754 Fulton Street
$28,100,000
$65/SF
Building Size
214,111 SF
Asset Type
MultiFamily
Closing
Nov 7, 2023
About this deal
AI
Eben Ellertson of L+M Development Partners has acquired a 99-year ground lease for two residential walk-up buildings in Bedford Stuyvesant, Brooklyn. The properties, located at 53 Utica Avenue and 1754 Fulton Street, comprise a total of 112 units and were sold by the Shnay Family's Fulton Park Associates, L.P. The sale price for the transaction was $28,135,374.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,135,374
- Address: 53 Utica Avenue & 1754 Fulton Street
- Market: Bedford Stuyvesant, Brooklyn
- Buyer: Eben Ellertson - L+M Development Partners
- Seller: Shnay Family
- BSF: 600,338 ~ PPBSF: $47
- SF: 214,111 ~ PPSF: $131
The buyer, Eben Ellertson of L+M Development Partners, represented by Fulton Park Preservation LLC, secured the ground lease from the Shnay Family. The acquisition of these assets adds to their real estate portfolio and further strengthens their presence in the Bedford Stuyvesant neighborhood of Brooklyn.
On the Map
$28,100,000
$65/SF
MultiFamily
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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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93