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96 Bedford Avenue

Updated Dec 21, 2023

Highpoint Property Group And Corner Street Capital Acquire Multifamily Portfolio In Williamsburg For $166.15M
SOLDMultiFamily

Highpoint Property Group And Corner Street Capital Acquire Multifamily Portfolio In Williamsburg For $166.15M

96 Bedford Avenue

$166,150,000

$1,153/SF

Building Size

144,000 SF

Asset Type

MultiFamily

Closing

Sep 5, 2022

About this deal

AI

A multifamily property located at 96 Bedford Ave., 217 Court St., 144 N 11th St., 99 N 7th St., 273 Leonard St., 148-152 S 4th St., 22 Melrose St., 482-488 Seneca Ave., 555 Grand St., 58 Palmetto St., 175-177 Palmetto St., 540 Driggs Ave., 209 Montrose Ave., 41 Skillman Ave., 725 Metropolitan Ave., & 183 Ainslie St., 99 N 4th St. in Williamsburg, Brooklyn was recently sold for a total price of $166,150,000. The property consists of 180 units with an average price per unit of approximately $923,055. The total square footage of the property is 144,000, resulting in an average price per square foot of $1,153.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $166,150,000
  • Units: 180
  • Price Per Unit: $923,055
  • Square Footage: 144,000
  • Price Per Square Foot: $1,153

The buyer of the property was Highpoint Property Group represented by Drew Popkin and Corner Street Capital represented by Ross Banon. The sale was brokered by Brendan Maddigan, Ethan Stanton, Stephen Palmese, Michael Mazzara, and Winfield Clifford of JLL.

Players

Brendan Maddigan

JLL

Broker

$4.9B

vol

132 deals

Broker
The Corcoran Group
The Corcoran GroupBrokerage

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $1.2K per square foot on a published $166.2M for 144,000 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.10%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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