Centerpark Acquires 2 Brighton Beach Condos From Muss Development For $6M
75 Oceana Drive East & 90 Oceana Drive West
$6,000,000
Building Size
—
Asset Type
Condo
Closing
Oct 19, 2023
About this deal
AI
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.
On the Map
$6,000,000
Condo
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93