The Mann Group Acquires Multi-Family Property In Brooklyn For $2.85M
872 Lorimer St, Brooklyn, NY 11222, USA
Building Size
41,000 SF
Asset Type
MultiFamily
Closing
May 22, 2018
AI
The multi-family property located at 872 Lorimer Street in Brooklyn, New York has been sold in a closed transaction. The property spans 4,100 square feet and consists of 6 units. The selling price for the property was $2,850,000, resulting in a price per square foot of $695. The property is situated in the desirable Brooklyn market.
Summary of transaction details
- Property Type: Multi-Family
- Transaction Amount: $2,850,000
- Square Footage: 4,100 sf
- Price per Square Foot: $695
- Number of Units: 6
- Market: Brooklyn
- Seller: Silvershore Properties – Jason Silverstein and David Shorenstein
- Buyer: The Mann Group
- Broker: Barcel Group – Marcel Fridman
In this transaction, Silvershore Properties, represented by Jason Silverstein and David Shorenstein, sold the property to The Mann Group. The Barcel Group, with Marcel Fridman as its representative, acted as the broker for the deal.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93