Updated Dec 4, 2024
Brandon Lau's Urban Waterfront Development Acquires MultiFamily Building In Bay Ridge, Brooklyn For $2.1M
7001 Shore Road
$2,100,000
$944/SF
Building Size
2,224 SF
Asset Type
MultiFamily
Closing
Oct 11, 2023
About this deal
AI
Urban Waterfront Development, represented by founder and project director Brandon Lau, acquired a three-unit building at 7001 Shore Road in Bay Ridge, Brooklyn, for $2.1 million. The property is a multifamily asset with a total building size of 4,884 square feet, resulting in a price per square foot of $430. The building itself spans across a total of 2,224 square feet, giving it a price per square foot of $944.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $2,100,000
- Address: 7001 Shore Road, Bay Ridge, Brooklyn
- Market: Bay Ridge, Brooklyn
- Buyer: Brandon Lau - Urban Waterfront Development LLC
- Seller: Nadine Dandan & Jeffrey Goldstein
- Building Size: 4,884 square feet (PPBSF: $430)
- Total Size: 2,224 square feet (PPSF: $944)
The acquisition was made by Urban Waterfront Development, a company led by Brandon Lau. Nadine Dandan and Jeffrey Goldstein were the sellers in this transaction. The deal took place in Bay Ridge, Brooklyn, where the three-unit building is located at 7001 Shore Road.
Players
Brooklyn MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93