The Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners & The Black Developers Network Triboro Acquire NYC LIHTC Portfolio Multifamily For $36.5M
Brooklyn, New York, United States
$36,500,000
$34/SF
Building Size
1,074,191 SF
Asset Type
MultiFamily
Closing
Jan 10, 2022
AI
The recent sale in the NYC LIHTC Portfolio involved a multifamily property spanning across Brooklyn, Bronx, and Manhattan. The sale was facilitated by Victor Sozio and Shimon Shkury of Ariel Property Advisors on behalf of the seller, Dunn Development Corp. - Martin Dunn. The Community Preservation Corporation (CPC), The Community Development Trust (CDT), Monadnock Development, Red Stone Equity Partners, and The Black Developers Network Triboro emerged as the buyers in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,500,000 (Partial Interest)
- Units: 1,036
- Square Footage: 1,074,191
- Address: NYC LIHTC Portfolio
- Market: Brooklyn, Bronx, Manhattan
Additional key individuals and companies involved in the deal include The Community Preservation Corporation (CPC), The Community Development Trust (CDT), Monadnock Development, Red Stone Equity Partners, and The Black Developers Network Triboro as buyers. Victor Sozio and Shimon Shkury of Ariel Property Advisors served as the brokers representing the parties involved in the transaction.
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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93