Updated Nov 28, 2024
RXR Realty Acquires Multifamily Building In Dumbo From CIM Group & LIVWRK For $220M
85 Jay Street, Dumbo, Brooklyn, NY, USA
$220,000,000
$71,289/SF
Building Size
3,086 SF
Asset Type
MultiFamily
Closing
Apr 12, 2021
About this deal
AI
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
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93