Updated Oct 29, 2024
The Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners, And Black Developers Network Triboro Acquire 1,036-Unit Multifamily In Manhattan, Bronx & Brooklyn For $36.5M
Brooklyn, New York, United States
$36,500,000
Units
1,036
Asset Type
MultiFamily
Closing
Jan 24, 2022
About this deal
AI
The Community Preservation Corporation, The Community Development Trust, Monadnock Development, Red Stone Equity Partners, and Black Developers Network Triboro have acquired a multifamily property in Manhattan, Bronx, and Brooklyn. The property was sold by Dunn Development Corp. for a price of $36,500,000. The property consists of 1,036 units, with an average price per unit of $35,231.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $36,500,000
- Units: 1,036
- Price Per Unit: $35,231
Rafael Cestero represents The Community Preservation Corporation, Joseph Reilly represents The Community Development Trust, Nick Lembo represents Monadnock Development, Eric McClelland represents Red Stone Equity Partners, and Kirk Goodrich and Richard Roberts represent Black Developers Network Triboro in the deal.
On the Map
$36,500,000
MultiFamily
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Brooklyn 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