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87 Clifton Place, Brooklyn,...

Updated Oct 29, 2024

Freo Group Acquires Brooklyn Multifamily Property For $22.9M
SOLDMultiFamily

Freo Group Acquires Brooklyn Multifamily Property For $22.9M

87 Clifton Place, Brooklyn, NY 11238, USA

$22,900,000

$394/SF

Building Size

58,000 SF

Asset Type

MultiFamily

Closing

Jan 6, 2020

About this deal

AI

Located in Brooklyn's Clinton Hill neighborhood, the multifamily property at 79-87 Clifton Place recently changed hands in a closed sale transaction. The property spans a total area of 58,000 square feet and comprises 40 residential units and 16 parking spaces. The sale price for this investment opportunity was recorded at $22,900,000, resulting in a price per square foot of $400. Notably, the buyer of this property was the Freo Group, while the seller, representing G Way, was Ami Ariel. The deal was facilitated by Daniel Shirazi and Jacob Lewis of Skyline Properties, who served as the brokers in this transaction.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,900,000
  • Address: 79-87 Clifton Place, Brooklyn
  • Market: Clinton Hill
  • Square Footage: 58,000
  • Units: 40 Residential Units & 16 Parking Spaces
  • Seller: Ami Ariel - G Way
  • Buyer: Freo Group
  • Brokers: Daniel Shirazi & Jacob Lewis - Skyline Properties

The sale of 79-87 Clifton Place demonstrates the attractiveness of the Clinton Hill market for multifamily investment opportunities. With the assistance of Daniel Shirazi and Jacob Lewis from Skyline Properties, the buyer, Freo Group, successfully acquired this property from the seller, Ami Ariel, representing G Way. This transaction further highlights the expertise of the brokers in navigating the Clinton Hill market and facilitating significant deals.

On the Map

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$22,900,000

$394/SF

MultiFamily

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Players

Daniel Shirazi

Skyline Properties

Broker

$825.5M

vol

16 deals

Broker
FG
FREO GroupBuyer

Ami Ariel

Seller

$54.5M

vol

8 deals

Seller
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New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $394 per square foot on a published $22.9M for 58,000 square feet (2020).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.69%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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