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872 Lorimer St, Brooklyn, N...

The Mann Group Acquires Multi-Family Property In Brooklyn For $2.85M
SOLDMultiFamily

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 GroupMarcel 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

Marcel Fridman

Barcel Group

Broker

$451.5M

vol

141 deals

Broker

Eric Mann

Mann Group

Buyer

$78.4M

vol

12 deals

Buyer
David Shorenstein

David Shorenstein

Silvershore Properties

Seller

$187.3M

vol

60 deals

Seller

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