Gaia Real Estate Acquires Multifamily Property In Williamsburg, Brooklyn For $80M
55 Hope Street
$80,000,000
$898/SF
Building Size
89,000 SF
Asset Type
MultiFamily
Closing
Aug 23, 2022
AI
Gaia Real Estate has acquired a multifamily property located at 55 Hope Street in Williamsburg, Brooklyn. The property was sold by the Gershon Company in a closed transaction.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $80,000,000
- Units: 117
- Price per Unit: $683,760
- Square Footage: 89,000
- Price per Square Foot: $898
The deal was facilitated by Yoav Oelsner and Glenn Tolchin, representing Upland Property Advisors.
This acquisition marks a significant investment by Gaia Real Estate in the Williamsburg market. The property, with its 117 units and 89,000 square feet, offers substantial potential for rental income. The transaction price of $80,000,000 reflects the desirability and value of the property in this popular Brooklyn neighborhood.
Players
Christchurch 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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93