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Brooklyn, New York, United ...

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
SOLDMultiFamily

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

Shimon Shkury

Ariel Property Advisors

Broker

$1.8B

vol

56 deals

Broker
MD
Monadnock DevelopmentBuyer

Martin Dunn

Dunn Development Corp.

Seller

$82.3M

vol

3 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

0.43%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93