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Centerpark Acquires 2 Brighton Beach Condos From Muss Development For $6M
SOLD
$6,000,000
New York
See Similar DealsCondo
Sold 10/19/2023
SOLD
Centerpark Acquires 2 Brighton Beach Condos From Muss Development For $6M
75 Oceana Drive East & 90 Oceana Drive West
See Similar DealsCondo
Sold 10/19/2023
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Sale
Centerpark, under the entity Oceana Garage LLC, has acquired two condo properties in Brighton Beach, Brooklyn. The properties located at 75 Oceana Drive East and 90 Oceana Drive West were purchased for a total sale price of $6,000,000 from Muss Development. The transaction was facilitated through Brighton Underground Garage II, LLC.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $6,000,000
- Buyer: Gregg Reuben - Centerpark
- Seller: Joshua Muss - Muss Development
- Address: 75 Oceana Drive East & 90 Oceana Drive West
- Market: Brighton Beach, Brooklyn
Gregg Reuben, representing Centerpark, and Joshua Muss, representing Muss Development, were the key individuals involved in this property transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$319,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,316.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,443.06
Annual Debt Service$341,316.73
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