Updated Oct 28, 2024
Davean Holdings Acquires Multifamily Asset In Park Slope For $8M
704 8th Avenue, New York City, New York 10036, United States
$8,000,000
$496/SF
Building Size
16,120 SF
Asset Type
MultiFamily
Closing
Jul 13, 2022
About this deal
AI
The multifamily property located at 704 8th Avenue in Park Slope, Brooklyn, was recently sold in a closed transaction. The property features a total of 15 units with a selling price of $8,000,000, resulting in a per unit price of $533,333. The building spans across 16,120 square feet, giving it a price per square foot of $496.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Address: 704 8th Avenue, Park Slope
- Market: Park Slope
The buyer of the property is Davean Holdings, represented by Sean Lefkovits and David Lloyd. The transaction was facilitated by brokers Adam J. Hess and Edward Setton from Meridian Capital Group. Notably, this is the second time Team Hess has been involved in the sale of 704 8th Avenue, as they previously sold it as part of a $37 million Park Slope portfolio sale in 2013.
On the Map
$8,000,000
$496/SF
MultiFamily
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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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93