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129 Russell Street

Abe Garbo And Sara Rottenberg Acquire Church In Brooklyn From Metropolitan New York Synod For $4.7M
SOLDChurch

Abe Garbo And Sara Rottenberg Acquire Church In Brooklyn From Metropolitan New York Synod For $4.7M

129 Russell Street

$4,700,000

$870/SF

Building Size

5,400 SF

Asset Type

Church

Closing

Aug 15, 2024

AI

The asset involved in this transaction is a church located at 129 Russell Street in Brooklyn, with a sale price of $4,700,000. The property encompasses a total area of 5,400 square feet, resulting in a price per square foot of $870.

Summary of transation details:

  • Property Type: Church
  • Transaction Amount: $4,700,000
  • Square Footage: 5,400
  • Price per Square Foot: $870
  • Buyer: Abe Garbo & Sara Rottenberg
  • Seller: Metropolitan New York Synod (MNYS)
  • Broker: Meylin Maldonado - Compass
  • Transaction Date: 08/15/2024

The sale was facilitated by Meylin Maldonado, who is the CEO of the Hillin Advisory Team at Compass. This transaction marks the fifth property sold by Meylin Maldonado in a multi-borough, mixed-use portfolio, representing both the seller and the purchasers throughout the deal.

Players

Meylin Maldonado

Compass

Broker

$22.7M

vol

7 deals

Broker

Brooklyn Church Market Snapshot

Boundary boundary · Church · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.38%

Cash-on-Cash

-0.96%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93