Updated Dec 2, 2024
Greystar Acquires Port Jefferson Multifamily Property For $118M
588 North Bicycle Path, Port Jefferson Station, NY, USA
$118,000,000
$481/SF
Building Size
245,000 SF
Asset Type
MultiFamily
Closing
Sep 29, 2021
About this deal
AI
The multifamily property located at 588 N. Bicycle Path in Port Jefferson has been sold for a total price of $118,000,000. The property consists of 244 units with an average price per unit of $483,606. It spans across 245,000 square feet, resulting in a price per square foot of $481.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $118,000,000
- Units: 244
- Price per Unit: $483,606
- Total Square Feet: 245,000
- Price per Square Foot: $481
- Address: 588 N. Bicycle Path, Port Jefferson
- Market: Port Jefferson
The buyer of the property is Greystar, represented by Mike Tuccillo from Marcus & Millichap. The seller, on the other hand, is The Benjamin Companies, with Jack Bick from Charatan Realty acting as their representative in the deal.
Players
Port Jefferson Station 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93