Bayrock Capital Acquires Student Housing In Boerum Hill For $13M
316 Atlantic Avenue, Boerum Hill, Brooklyn, NY, USA
$13,000,000
$702/SF
Building Size
18,495 SF
Asset Type
Other
Closing
Aug 6, 2020
About this deal
AI
The student housing property located at 316 Atlantic Avenue in Boerum Hill has been sold for $13,000,000. The transaction took place on 08/06/2021. The property spans across 18,495 square feet, resulting in a price per square foot of $702. The previous sale of the property occurred in December 2008, with a sale price of $5,000,000.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $13,000,000
- Address: 316 Atlantic Avenue
- Market: Boerum Hill
- Asset Type: Student Housing
- Zoning: R6A, C2-4, DB
The buyer, Bayrock Capital represented by Daniel Rabinowitz and Marc Glassman, acquired the property from ASA College, represented by Alex Shchegol.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93