The Ben-Josef Group Acquires Multifamily Property In Bedford Stuyvesant For $22.48M
SOLD
$22,480,000
New York
See Similar DealsMultiFamily33,008 SF
Sold 12/11/2020
SOLD
The Ben-Josef Group Acquires Multifamily Property In Bedford Stuyvesant For $22.48M
691 Marcy Avenue, Bedford-Stuyvesant, Brooklyn, NY, USA
See Similar DealsMultiFamily33,008 SF
Sold 12/11/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$681
Total Square Footage:33,008 SF
Transaction Type:Sale
A multifamily property located at 691 Marcy Avenue in Bedford Stuyvesant, Brooklyn was recently sold for $22,480,000. The property consists of 41 units with an average price per unit of $548,293. The total square footage of the property is 33,008, resulting in a price per square foot of $681. The cap rate for the transaction is 4.75%. The sale took place on 12/11/2020.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $22,480,000
- Address: 691 Marcy Avenue
- Market: Bedford Stuyvesant, Brooklyn
The buyer for this transaction was The Ben-Josef Group, while the seller was Brookland Capital - Ronel Ben-Dov. The deal was facilitated by brokers Yoav Oelsner and Glenn Tolchin from Upland Property Advisors NYC.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,198,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$79,866.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$106,566.67
Annual Debt Service$1,278,800.03
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