Updated Dec 21, 2023
Grant Wheeler Acquires Multifamily Property In Williamsburg, Brooklyn For $4M
59 South 3rd Street, Brooklyn, New York 11249, United States
$4,000,000
$997/SF
Building Size
4,009 SF
Asset Type
MultiFamily
Closing
Feb 22, 2022
About this deal
AI
The multifamily property located at 59 South 3rd Street in Williamsburg, Brooklyn has been sold for $4,000,000. The property has a building square footage (BSF) of 4,617, with a price per BSF (PPBSF) of $866. The total square footage (SF) of the property is 4,009, with a price per square foot (PPSF) of $997. The property is zoned as R6 and has a floor area ratio (FAR) of 2.11. The tax class of the property is 1. The lot size is 1,900 square feet and the lot dimensions are 25 ft x 76 ft. The property underwent an alteration permit on May 10, 2013.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $4,000,000
- Market: Williamsburg, Brooklyn
- Buyer: Grant Wheeler
- Seller: Paulein Lethen
Grant Wheeler represented the buyer, while Paulein Lethen represented the seller in this transaction.
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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93