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650 East 21st St

Shlomo Stuhl And Herman Rubin Acquire Multifamily Property From Mark Mehlman And Michael Lipman For $12.75M
SOLDMultiFamily

Shlomo Stuhl And Herman Rubin Acquire Multifamily Property From Mark Mehlman And Michael Lipman For $12.75M

650 East 21st St & 738 East 21st St

$12,750,000

$158/SF

Building Size

80,668 SF

Asset Type

MultiFamily

Closing

Jun 4, 2019

AI

The property asset involved in this transaction is a MultiFamily building located at 650 East 21st St in the Brooklyn market. It was sold for $12,750,000.00 and has a total square footage of 40,334.0 sq ft.

Summary of transaction details:

The key individuals in this transaction include buyers Shlomo Stuhl and Herman Rubin, and sellers Mark Mehlman, Michael Lipman, and Brian Shalitsky. The associated brokers who facilitated this deal are Erik Yankelovich representing the buyer from Atlas Realty Group, Moshe Gelbstein representing the buyer from GFI Realty Services, along with Joseph Landau as part of the brokerage team.

Players

Erik Yankelovich

Atlas Realty Group

Broker

$1.1B

vol

128 deals

Broker

Herman Rubin

Buyer

$1.2M

vol

1 deal

Buyer

Mark Mehlman

Seller

$51.9M

vol

6 deals

Seller

Brooklyn 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

1.24%

Cash-on-Cash

-0.36%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93