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Cheever Development Acquires Multifamily Buildings In Brooklyn Heights For $8M

Property Image
SOLD
$8,000,000
Sean R. Kelly, Esq.
David Khukhashvili
GB
+ 1

New York

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MultiFamily10,875 SF
Sold 05/10/2019
the dealplayerscompscontact
Property Image
SOLD

Cheever Development Acquires Multifamily Buildings In Brooklyn Heights For $8M

99, 103 Atlantic Ave,Brooklyn,New York

See Similar Deals
MultiFamily10,875 SF
Sold 05/10/2019
Sean R. Kelly, Esq.
David Khukhashvili
GB
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$735
Total Square Footage:10,875 SF
Transaction Type:Sale

Two mixed-use buildings in Brooklyn Heights were recently sold in a closed transaction. The assets, located at 99 and 103 Atlantic Ave, were sold as a package deal. The multifamily properties offer a total square footage of 10,875. The sale took place on May 10, 2019.

Summary of transaction details:

  • Property Type: Multifamily
  • Sale Price: $8,000,000
  • Price per Square Foot: $735
  • Market: Brooklyn

The seller of the properties was Itzhaki Acquisitions, represented by Erez Itzhaki and Gil Boosidan. The buyer, Cheever Development, was represented by Matt Lonuzzi. The transaction was facilitated by brokers Sean R. Kelly, Esq, and David Khukhashvili.

The package deal of these Brooklyn Heights mixed-use buildings offers a 5.25% Cap Rate. The acquisition provides a significant investment opportunity within a desirable location.

Players

David Khukhashvili
Ariel Property Advisors
David Khukhashvili
10 deals$65.1M volume(212) 544-9500
BROKER
Sean R. Kelly, Esq.
Ariel Property Advisors
Sean R. Kelly, Esq.
56 deals$529.8M volume
BROKER
GB
Gil Boosidan
4 deals$24.9M volume
SELLER
EI
Erez Itzhaki
3 deals$23.5M volume
SELLER

Details

SOLD
IMAGE: Sean Kelly, Erez Itzhaki & David Khukhashvili DATE: 05/10/2019 ADDRESS: 99, 103 Atlantic Ave MARKET: Brooklyn ASSET TYPE: Multifamily SELLER: ITZHAKI ACQUISITIONS - Erez Itzhaki & Gil Boosidan BUYER: Cheever Development - Matt Lonuzzi BROKERS: Sean R. Kelly, Esq , David Khukhashvili ASKING PRICE: $8,000,000 SF: 10,875 ~ PPSF: $735 NOTE: Package of Two Mixed-Use Buildings in Brooklyn Heights. 5.25% Cap Rate.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$426,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98