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2488 Flatbush Avenue, Brook...

Alexander Kostovetsk Acquires Marine Park Commercial Property From Peter A. Forman For $5.3M
SOLDCommercial

Alexander Kostovetsk Acquires Marine Park Commercial Property From Peter A. Forman For $5.3M

2488 Flatbush Avenue, Brooklyn, New York 11234, United States

$5,300,000

$757/SF

Building Size

7,000 SF

Asset Type

Commercial

Closing

May 12, 2022

AI

A commercial property located at 2484-2488 Flatbush Avenue in Marine Park, Brooklyn has been sold for a total price of $5,300,000. The property has a total square footage of 7,000 and a price per square foot of $757. It is situated on a lot size of 7,000 and has a FAR of 1.00. The property is zoned as C8-1 and falls under tax class 4. A sign permit was issued for the property on June 29, 2017, and its lot dimensions measure 100 ft x 70 ft.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: $5,300,000
  • Market: Marine Park, Brooklyn
  • Zoning: C8-1
  • Square Footage: 7,000
  • Price per Square Foot: $757
  • Lot Size: 7,000
  • FAR: 1.00
  • Tax Class: 4

The buyer of the property is Alexander Kostovetsk, while the seller is Peter A. Forman.

Players

Alexander Kostovetsk

Buyer

$29M

vol

6 deals

Buyer

New York Commercial Market Snapshot

Boundary boundary · Commercial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.99%

Cash-on-Cash

-0.86%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93