Updated Oct 29, 2024
Ben-Josef Group Acquires Multifamily Property For $40M In Clinton Hill
531 Myrtle Ave Brooklyn, Ny 11205, Usa
$40,000,000
$748/SF
Building Size
53,409 SF
Asset Type
MultiFamily
Closing
Jul 31, 2023
About this deal
AI
A multifamily property located at 531 Myrtle Avenue & 100 Steuben Street in Clinton Hill has been sold for a total price of $40,000,000. The property consists of 72 units, with a price per unit of $555,556. The total square footage of the property is 53,409, with a price per square foot of $749.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Units: 72
- Price per Unit: $555,556
- Square Footage: 53,409
- Price per Square Foot: $749
- Address: 531 Myrtle Avenue & 100 Steuben Street
- Market: Clinton Hill
The buyer of the property is the Ben-Josef Group, represented by Ron Ben-josef. The seller of the property is UBS. The deal was facilitated by brokers Jeffrey Julien, Rob Hinckley, and Steven Rutman from JLL.
Players
New York 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93