Ram P Chadha Acquires Hotel On Atlantic Avenue In Bedford-Stuyvesant, Brooklyn For $6.02M
1199 Atlantic Avenue, Bedford-Stuyvesant, Brooklyn, NY, USA
$6,025,000
$304/SF
Building Size
19,816 SF
Asset Type
Hotel
Closing
May 3, 2021
AI
A hotel located at 1199 Atlantic Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn was recently sold for $6,025,000. The property spans a total of 19,816 square feet, resulting in a price per square foot of $304. The transaction took place on May 4, 2021.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $6,025,000
- Address: 1199 Atlantic Avenue
- Market: Bedford-Stuyvesant, Brooklyn
- Square Footage: 19,816
- Price per Square Foot: $304
The buyer in this transaction was Ram P Chadha, while the seller was Meyer Bodner. The hotel was last sold for $3,000,000 in February 2006.
Players
New York Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.63%
Cash-on-Cash
-0.75%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93