Updated Dec 21, 2023
Marvin Rubin Acquires Commercial Property In Bay Ridge, Brooklyn For $160M
699 92nd Street, Brooklyn, New York 11228, United States
$160,000,000
$892/SF
Building Size
179,281 SF
Asset Type
Commercial
Closing
Jun 2, 2022
About this deal
AI
A commercial property located at 699 92nd Street in Bay Ridge, Brooklyn has been sold in a closed transaction. The property falls under the R4B zoning category and consists of a total of 45,650 square feet (BSF). The buyer, Marvin Rubin, purchased the property from the seller, Pearl Schwartz, for a price of $160,000,000. The sale included a total square footage (SF) of 179,281, resulting in a price per square foot (PPSF) of $892.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $160,000,000
- Address: 699 92nd Street
- Market: Bay Ridge, Brooklyn
- Zoning: R4B
- Buyer: Marvin Rubin
- Seller: Pearl Schwartz
- BSF: 45,650
- PPBSF: $3,504
- SF: 179,281
- PPSF: $892
This transaction marks a significant increase in price compared to the property's last sale. The previous sale, which took place on 06/03/2022, was priced at $153,000,000, indicating a $7,000,000 increase in value.
Players
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93