The Carlyle Group Acquires Knitting Factory Lofts In Clinton Hill, Brooklyn For $34M
SOLD
$34,000,000
+ 1
New York
See Similar DealsMultiFamily57,937 SF
Sold
SOLD
The Carlyle Group Acquires Knitting Factory Lofts In Clinton Hill, Brooklyn For $34M
79 Clifton Place, Brooklyn, NY, USA
See Similar DealsMultiFamily57,937 SF
Sold
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$586
Total Square Footage:57937 SF
Transaction Type:Sale
The Knitting Factory Lofts located at 79-81 Clifton Place in Clinton Hill, Brooklyn have been sold in a recent transaction. The multifamily property, with a total of 40 units, was acquired by The Carlyle Group for a sale price of $34,000,000. The property has a gross square footage of 57,937, and the price per gross square foot is $587. The transaction took place on October 1, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $34,000,000
- Address: 79-81 Clifton Place, Clinton Hill, Brooklyn
- Market: Clinton Hill, Brooklyn
- Zoning: R6B
The seller of the Knitting Factory Lofts was FREO Group. The deal was facilitated by brokers Paul Gillen, Daniel Parker, Anthony Ledesma, and Allie Boyan of Hodges Ward Elliott.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,813,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15
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