Bayrock Capital Acquires Student Housing In Boerum Hill For $13M
SOLD
New York
See Similar DealsOther18,495 SF
Sold 08/06/2020
SOLD
Bayrock Capital Acquires Student Housing In Boerum Hill For $13M
316 Atlantic Avenue, Boerum Hill, Brooklyn, NY, USA
See Similar DealsOther18,495 SF
Sold 08/06/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$702
Total Square Footage:18,495 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59
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