Updated Nov 4, 2023
Mohammed Naeem Acquires Retail Condominium In Bedford Stuyvesant For $9M
948 Myrtle Ave Brooklyn, NY 11206, USA
$9,000,000
$433/SF
Building Size
20,741 SF
Asset Type
Retail
Closing
Jul 18, 2023
About this deal
AI
Mohammed Naeem has recently acquired the retail condominium located at 948 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The property was sold by Yitzchok Schwartz, represented by Cornell Myrtle LLC, for a total of $9 million. The retail space spans across 20,741 square feet, resulting in a price per square foot of $434.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $9,000,000
- Address: 948 Myrtle Avenue, Bedford Stuyvesant, Brooklyn
- Market: Bedford Stuyvesant, Brooklyn
- Buyer: Mohammed Naeem
- Seller: Yitzchok Schwartz
- Square Footage: 20,741
- Price per Square Foot: $434
In this transaction, Mohammed Naeem successfully purchased the retail condominium at 948 Myrtle Avenue in Bedford Stuyvesant, Brooklyn. The seller, Yitzchok Schwartz, was represented by Cornell Myrtle LLC. The deal was finalized for a total price of $9 million. The retail space encompasses 20,741 square feet, and the price per square foot amounts to $434.
Players
Cape May Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Deal FAQ
About $433 per square foot on a published $9M for 20,741 square feet (2023).
Visit Yitzchok Schwartz to view all their deals.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93