Seavest Investment Group Acquires Office In Homecrest From Marx Development Group
SOLD
$53,750,000
New York
See Similar DealsOther112,684 SF
Sold 06/09/2020
SOLD
Seavest Investment Group Acquires Office In Homecrest From Marx Development Group
902 Quentin Road, Brooklyn, NY, USA
See Similar DealsOther112,684 SF
Sold 06/09/2020
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$477
Total Square Footage:112,684 SF
Transaction Type:Sale
Seavest Investment Group has acquired an office building located at 902 Quentin Road in the Homecrest neighborhood. The property spans 112,633 square feet and was sold by Marx Development Group for a total price of $53,750,000. This equates to a price per square foot of $477.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $53,750,000
- Address: 902 Quentin Road
- Market: Homecrest
The deal was facilitated by Douglas Ray, David Marx, and Richard Segal. Seavest Investment Group acted as the buyer, while Marx Development Group served as the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$190,962.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$254,802.42
Annual Debt Service$3,057,629.06
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