Chris Dornin Acquires 131-Unit Multifamily Property In Brooklyn For $78 Million

The asset involved in this transaction is a 131-unit multifamily property located at 57 Caton Place in Brooklyn. The sale price for this property was $78,000,000, which translates to a price per unit of $595,419 and a price per square foot of $772. The total square footage of the property is 101,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $78,000,000
• Units: 131
• Price per Unit: $595,419
• Square Footage: 101,000
• Price per Square Foot: $772
• Buyer: Chris Dornin
• Broker: Michael Winter - Ripco
• Attorney: Mark Nicoletti - Allen Matkins

The buyer, Chris Dornin, is affiliated with Dornin Investment Group, a firm specializing in distressed debt and value-add strategies. The acquisition of the non-performing senior loan was facilitated through financing arrangements by broker Michael Winter and his team at Ripco Real Estate. Mark Nicoletti represented the buyer in this transaction through his legal firm, Allen Matkins.