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2317 Newkirk Ave, Brooklyn,...

Four Corners Development Group Acquires Retail Condo In Brooklyn For $3.31M
SOLD

Four Corners Development Group Acquires Retail Condo In Brooklyn For $3.31M

2317 Newkirk Ave, Brooklyn, NY 11226, USA & 2317 Newkirk Ave, Brooklyn, NY 11226, USA

Building Size

171,600 SF

Asset Type

Closing

Apr 22, 2018

AI

A retail condo located at 2317 Newkirk Avenue in Brooklyn, New York, was recently sold for a price of $3,310,000. The property spans approximately 15,600 square feet and was sold at a rate of $212 per square foot.

Summary of transaction details

  • Property Type: Retail Condo
  • Transaction Amount: $3,310,000
  • Square Footage: 15,600 sf
  • Price per Square Foot: $212

The seller of the retail condo was Selective Realty Management, represented by Steven Williams. The buyer, Four Corners Development Group, was represented by Jason Wisotsky. The deal was facilitated by Adam Sprung and Jason Goldy of Meridian Investment Sales.

Players

Adam Sprung

Meridian Capital Group

Broker

$46M

vol

3 deals

Broker

Jason Wisotsky

Four Corners Development Group

Buyer

$144.3M

vol

11 deals

Buyer

Steven Williams

Selective Realty Management

Seller

$21.5M

vol

4 deals

Seller

New York CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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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