AB Capstone Acquires Commercial Condo In Gravesend, Brooklyn For $30.5M
1100 Kings Hwy, Brooklyn, NY 11229, USA
Building Size
430,000 SF
Asset Type
—
Closing
May 17, 2018
About this deal
AI
Wendy Silverstein and Meir Babaev have completed a closed property transaction in Gravesend, Brooklyn. The commercial condo located at 1100 Kings Highway and 2067 Coney Island Avenue has been sold for a significant amount of $30,500,000. Spanning 43,000 square feet, the property offers ample space for various commercial purposes.
Summary of transaction details
- Property Type: Commercial Condo
- Transaction Amount: $30,500,000
- Address: 1100 Kings Highway and 2067 Coney Island Avenue
- City: New York
- Market: Gravesend, Brooklyn
- Square Footage: 43,000 sf
The sale involved NY REIT's representative, Wendy Silverstein, as the seller. The buyer, AB Capstone, was represented by Meir Babaev, who acquired a 70% stake in the property. Investor Richard Harris also played a part in the transaction, acquiring a 30% stake. The deal signifies the collaboration between these key individuals and companies in the real estate market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93