RXR Realty Acquires Multifamily Building In Dumbo From CIM Group & LIVWRK For $220M
SOLD
$220,000,000
+ 3
New York
See Similar DealsMultiFamily3,086 SF
Sold 04/13/2021
SOLD
RXR Realty Acquires Multifamily Building In Dumbo From CIM Group & LIVWRK For $220M
85 Jay Street, Dumbo, Brooklyn, NY, USA
See Similar DealsMultiFamily3,086 SF
Sold 04/13/2021
+ 3
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$71,289
Total Square Footage:3,086 SF
Transaction Type:Sale
A multifamily property located at 85 Jay Street in Dumbo has been sold for approximately $220,000,000. The property consists of 320 units, resulting in a price per unit of $687,500. The sale took place on April 13, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $220,000,000
- Address: 85 Jay Street
- Market: Dumbo
The buyer of the property was RXR Realty, while the sellers were CIM Group and LIVWRK. The deal was facilitated by brokers Adam Spies, Adam Doneger, Doug Harmon, Marcella Fasulo, Michael Collins, and Dan O'Brien, representing Cushman & Wakefield.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,733,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$781,613.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,042,912.24
Annual Debt Service$12,514,946.87
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