Gaia Real Estate Acquires Multifamily Property In Williamsburg, Brooklyn For $80M
SOLD
$80,000,000
New York
See Similar DealsMultiFamily89,000 SF
Sold 08/23/2022
SOLD
Gaia Real Estate Acquires Multifamily Property In Williamsburg, Brooklyn For $80M
55 Hope Street
See Similar DealsMultiFamily89,000 SF
Sold 08/23/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$898
Total Square Footage:89,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$284,223.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$379,240.81
Annual Debt Service$4,550,889.77
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