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670 Pacific Street, Prospec...

Updated Oct 29, 2024

Red Apple Group Acquires Prospect Heights Apartment Building For $69.2M
SOLDMultiFamily

Red Apple Group Acquires Prospect Heights Apartment Building For $69.2M

670 Pacific Street, Prospect Heights, Brooklyn, NY, USA

$69,200,000

$1,130/SF

Building Size

61,221 SF

Asset Type

MultiFamily

Closing

Jan 31, 2018

About this deal

AI

An apartment building located at 670 Pacific Street in Prospect Heights, Brooklyn has been sold for $69,200,000. The property, consisting of 86 units, spans 61,221 square feet with a price per square foot of $1,131. The transaction took place on February 1, 2018.

Summary of transaction details

  • Property Type: Apartment Building
  • Transaction Amount: $69,200,000
  • Square Footage: 61,221
  • Price per Square Foot: $1,131
  • Address: 670 Pacific Street, Prospect Heights, Brooklyn

The seller of the apartment building was Read Property Group, represented by Robert Wolf. On the other hand, the buyer was Red Apple Group, with John Catsimatidis and John Catsimatidis, Jr. as the purchasing entities. The deal was facilitated by Yosef Katz, Yisroel Pershin, and Eli Shilian of GFI Realty.

It's worth noting that Catsimatidis overpaid for the property due to a 1031 exchange. Additionally, Catsimatidis is the owner of Gristedes Supermarkets and was previously in talks to acquire Fairway Market a few months ago.

On the Map

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$69,200,000

$1,130/SF

MultiFamily

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Players

Eli Shilian

Broker

$87.3M

vol

6 deals

Broker
John Catsimatidis

John Catsimatidis

Red Apple Group

Buyer

$447.8M

vol

7 deals

Buyer

Robert Wolf

Read Property Group

Seller

$107.1M

vol

7 deals

Seller
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Brooklyn MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $1.1K per square foot on a published $69.2M for 61,221 square feet (2018).

Visit Yosef Katz to view all their deals.

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.23%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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