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Israel Family Acquires Commercial Property In Gravesend, Brooklyn For $5.2M

Property Image
SOLD
$5,175,000
Caroline Hodes
George Giannopoulos
+ 2

New York

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Development Site
Sold 09/28/2023
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Property Image
SOLD

Israel Family Acquires Commercial Property In Gravesend, Brooklyn For $5.2M

470 Kings Highway

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Development Site
Sold 09/28/2023
Caroline Hodes
George Giannopoulos
+ 2
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

A commercial property located at 470 Kings Highway in Gravesend, Brooklyn has been sold for a price of $5,175,000. The property has a total square footage of 10,250 and a price per square foot of $505. The transaction was facilitated by brokers Daniel O'Brien, Caroline Hodes, and George Giannopoulos from Cushman & Wakefield.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: $5,175,000
  • Address: 470 Kings Highway, Gravesend, Brooklyn
  • Market: Gravesend, Brooklyn
  • Square Footage: 10,250
  • Price per Square Foot: $505
  • Buyer: Israel Family
  • Seller: Giannopoulos Family / Kings Capital
  • Brokers: Daniel O'Brien, Caroline Hodes, and George Giannopoulos

The property transaction involved the Israel Family as the buyer and the Giannopoulos Family / Kings Capital as the seller. The deal was facilitated by brokers Daniel O'Brien, Caroline Hodes, and George Giannopoulos from Cushman & Wakefield. The commercial property, located at 470 Kings Highway in Gravesend, Brooklyn, spans a total of 10,250 square feet and was sold at a price of $5,175,000. The transaction showcases the active real estate market in Gravesend, Brooklyn.

Players

Caroline Hodes
93 deals$1.8B volume(516) 263-9404
BROKER

George Giannopoulos
Cushman & Wakefield
3 deals$44M volume
BROKER

Daniel (Dan) O'Brien
Newmark
145 deals$4.6B volume(212) 698-5584
BROKER


George Giannopoulos
Kings Capital
16 deals$76.2M volume
SELLER

Details

SOLD
IMAGE: George Giannopoulos, Daniel O'Brien, Caroline Hodes & George Giannopoulos DATE: 09/28/2023 ADDRESS: 470 Kings Highway MARKET: Gravesend, Brooklyn ASSET TYPE: Commercial BUYER: Israel Family SELLER: Giannopoulos Family / Kings Capital (@KingsCapitalRE) BROKERS: Daniel O'Brien, Caroline Hodes (@CarolineHodes) & George Giannopoulos - Cushman & Wakefield (@CushWake) SALE PRICE: $5,175,000 BSF: 31,875 ~ PPBSF: $162 SF: 10,250 ~ PPSF: $505

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$276,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,385.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,532.14
Annual Debt Service$294,385.68